Switzerland's ABB Adds Investment in ChinaSwitzerland's Asea Brown Boveri (ABB), listed among the world's top 500 companies, recently invested 20 million US dollars to set up a distribution transformer company in Hefei, capital of east China's Anhui Province.The ABB-wholly-owned company is expected to go into operation within the year and will have an annual production capacity of 10,000 transformers. Part of its products will be for export. The company is estimated to have 240 million yuan in sales per year. In 1992, ABB joined hands with the transformer factory in Hefei to set up a joint venture. ABB plans to increase its investment in China to one billion US dollars in the 21st century. |
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