Focus moves towards wind power link-up
Electroplating-machine maker Process Automation (Holdings) has formed a joint venture with a unit of China Aerospace to develop mainland-made wind power generators.
Deputy chairman Lam Kwok-hing said yesterday the venture was part of the company's move to expand into high technology after spending about $85 million for a 24.5 per cent stake on the sole cable television operator in Hebei earlier this month.
Process Automation's investment in the 51:49 joint venture with China Academy of Launch Vehicle Technology was not disclosed.
Mr Lam said the mainland partner would provide technology support while the company would take charge of manufacturing of wind power generators for electricity.
'We have commitments from various mainland government units over the purchase of the wind power generators,' he said.
'The market has plenty of potential as the central government has been encouraging environmentally friendly modes of electricity generation.' TECHNOLOGY