Joint Venture in China for Techint and Simest
Techint Technologies (Milano, Italy; http://www.techint-technologies.com) and Simest, the Italian Government Agency for the promotion of the Italian Investment abroad, belonging to the Ministry of Industry, recently established China Metals Processing HK Ltd. in Hong Kong. The company will be the major shareholder of the joint venture "Tianjin International Modern Equipment Co. Ltd." (TIMEC), located in Tianjin Tanggu, China. TIMEC will work as the Chinese manufacturer of the iron and steel equipment and machinery of Techint, including electric arc furnaces, reheating furnaces and material handling equipment. The new joint venture will combine the Italian know-how and quality with a Chinese industrial environment. The first TIMEC factory is expected to be completed in October 2005 with an initial workforce of 150 employees.