BERLIN (dpa-AFX) - Siemens AG (SI) said the company and Shanghai Electric (SIELF.PK) intend to set up two new joint ventures to form a strategic alliance for the Chinese wind power market.
Siemens noted that the purpose of the alliance is to better serve China as the world's largest wind power market. In each of the two joint ventures, Siemens will have a stake of 49 percent and its Chinese partner Shanghai Electric 51 percent. One of the joint ventures will be engaged in R&D and production of wind turbine equipment for the Chinese market and for Siemens' global supply network. The second joint venture will be responsible for wind turbine equipment sales, marketing, project management and execution as well as service in China.
Xu Jianguo, chairman and CEO of Shanghai Electric, stated, 'The establishment of strategic cooperation with Siemens will on the one hand improve the manufacturing capability of wind industry in China, elevate Shanghai Electric's wind business to a new level in terms of technology, management and human resources and create advantages for Shanghai Electric to hold a footing in the global wind industry; on the other hand it will also provide an opportunity to Shanghai Electric for its new energy strategy implementation.'
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