NEW YORK, April 25 (Reuters) - J-Power Systems Corp, a 50-50 joint venture between Sumitomo Electric Industries Ltd and Hitachi Cable Ltd, will join with Marubeni Corp to build a factory in Saudi Arabia to produce underwater power cables, Nikkei financial daily reported.
The report said without citing sources that the 3 billion yen project would be taken on by a company to be established in July. It said J-Power Systems would provide 75 percent of the new company's capital of roughly 1.5 billion yen, with the remainder from Marubeni Metals Corp, a wholly owned unit of Marubeni.
According to the report, the factory is slated to go onstream in January 2011.
(Editing by Jim Marshall)
(New York Equities, +1 646 223 6000) Keywords: JPOWER MARUBENI/FACTORY
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The report said without citing sources that the 3 billion yen project would be taken on by a company to be established in July. It said J-Power Systems would provide 75 percent of the new company's capital of roughly 1.5 billion yen, with the remainder from Marubeni Metals Corp, a wholly owned unit of Marubeni.
According to the report, the factory is slated to go onstream in January 2011.
(Editing by Jim Marshall)
(New York Equities, +1 646 223 6000) Keywords: JPOWER MARUBENI/FACTORY
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.