26 September 2010
26 September 2010
Umeco has entered into a joint venture with its Chinese distributor Shanghai Leadgo Technology Co., Ltd to manufacture vacuum bagging films for the rapidly growing Chinese wind energy market.
The joint venture company, to be named Shanghai Umeco Composites Co., Ltd., will be 51% owned by Umeco Composites Limited, with Leadgo having a 49% stake and will establish a facility in Shanghai. The joint venture agreement is subject to approval from Chinese authorities and it is anticipated this will be granted within the next two months, with the new facility fully operational by the end of 2011.
Umeco currently manufactures the films supplied to Leadgo for the Chinese market at its facility in Italy (IPM). Umeco expects that the global growth in the wind energy market will allow IPM to back-fill its production capacity once production for the Chinese market moves to the joint venture company.
Clive Snowdon, CEO of Umeco, stated: “The continued growth of the global wind energy market, despite the economic downturn, reflects the on-going transition to generating power from renewable sources. This joint venture represents another important step in building Umecos capability in the worlds largest wind energy market.”
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