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Boeing-Invested Company Starts Construction in Tianjin
A Sino-US company producing composite material parts for the aviation industry started construction work Tuesday in this north China port city.
Three investors, Boeing, US Hexue, and the China Aviation Industry No.1 Group, shared the total investment of 52 million U.S. dollars. All the company's raw materials will be imported, and all its products in the initial period will be sold abroad.
The company, located in the Tanggu Maritime New and High-tech Zone of Tianjin, will be equipped with the most advanced production and testing equipment, and key engineering and management staff members will undergo training programs in the US The quality test standard is to be introduced from Boeing.
With registered capital of 20.01 million US dollars, the first-stage construction site is some 6,000 sq m, and is expected to go into operation in July 2001. The annual sales volume is estimated at around 50 million US dollars.
Ken Yata, deputy CEO of Boeing, and Dave Tanonis, CEO of Hexue, attended today's ceremony.
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