China's Largest Automotive Foundry Co. Starts OperationThe Huadong Teksid Automobile Foundry Co. Ltd, the largest of its kind in China, started operation Saturday in Zhenjiang City, in east China's Jiangsu Province.With a total investment of 80.88 million US dollars, the company has been set up to manufacture one million engine cylinders a year. The company is co-funded by two Chinese companies -- Shanghai Automotive Industry Group and Yuejin Automotive Group -- and their Italian partner Teksid Company, with the Chinese and Italian sides each accounting for half of the stocks of the joint venture. Teksid is a member company of Fiat Motor Co. of Italy, and is one of the leading international producers in the industry. The joint venture has signed supply deals with domestic motor companies such as Shanghai Volkswagen, Shanghai GM and Nanjing Iveco. |
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