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Sanyo Ups Investment in Compressor Plant in Shenyang
Investors from Hong Kong and Japan signed a contract here today to add 55 million US dollars of investment to expand the production capacity of an air-conditioner compressor plant in this capital of northeast China's Liaoning Province.
The Shenyang Sanyo Compressor Co. Ltd. is a joint-venture among Shenyang Industries Investment Co., Shenyang Huali Air-Conditioner Co. Ltd., China Resources (Holdings) Co. Ltd., Japan Sanyo Electric Co. Ltd. and Toyoda Tsusho Kaisha Ltd. The added investment is expected to increase the annual production capacity by 600,000 freon-free and energy-saving compressors.
The increased facility will become operational next year.
The company, funded to the tune of 81 million US dollars, produced over one million compressors last year, up from 300,000 units four years ago. Its production target for this year is 1.3 million units.
The company has occupied 14 percent of the domestic market, and explored export markets in 28 countries and regions, including the US, Canada, France, Germany, India and Japan.
The company's target for the year 2002 is 2.1 million units, a third of which will be destined for international markets.
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