OREANDA-NEWS. July 16, 2014. “FIVES Wuhan Heavy Industry CO.,ltd.”- the joint venture of WISCO & FIVES was inaugurated.

It is one of the 21 cooperated projects between China and France with the witness of Chinese and French president. Deng Qilin, the president of WISCO, will serve as the first president of the joint venture.

Deng Qilin, the president of WISCO, Sanchez, the president of FIVES Group, Ma Tianyu, the France counsel general in Wuhan, and He Jianxin, the governor of Qingshan District, jointly inaugurated “FIVES Wuhan Heavy Industry CO.,ltd.” Zhang Xiang, Fu Lianchun Ji Zhaodong and other top leaders from WISCO were present at the inauguration.

Before the inauguration, FIVES Wuhan Heavy Industry CO.,ltd. held the first shareholders meeting and the first session of the first board meeting, and Deng Qilin was named as the first president of the joint venture.

The joint venture will mainly be engaged in the manufacturing of all kinds of cold rolling line, cutting line and recoiling line; the repairing and manufacturing of coiler, uncoiler, mandrel, bearing block, heating furnace and other equipment for steelmaking industry; the manufacturing of non-steelmaking equipment with technical competitiveness such as mill, grinder, sugar mill, alumium molding machine system, crusher etc.. There are two advantages for the joint venture. One is the advanced management, and technology of FIVES with its leading product quality, and the other is the abundant labor and low cost of WISCO Heavy Industry, and the geographic advantage of the joint venture and famous brand of WISCO, by which the neighboring steel and non-steel market can be developed quickly.     

On July 23,2012, WISCO and FIVES started the communication on cooperation, reached a tentative agreement and signed the LOI in the December of the same year. With Chinese president and French president as witnesses, Deng Qilin and Sanchez signed the cooperation agreement to define the field and direction of comprehensive strategic cooperation on March 27, 2014. The business registration of the joint venture was finished on April 24, 2014 with the registered capital of RMB 67,300,000 Yuan and each party accounted for 50%.  

Deng Qilin and Sanchez delivered a warm speech in the inauguration, showed their confidence in the future cooperation and hoped the joint venture to become a demonstration project for cooperations between China and France. Deng Qilin stated that WISCO attached great importance to FIVES as its partner, and after open communication and further study, the two parties decided to deepen cooperation in wider field and at higher level.By establishing FIVES Wuhan Heavy Industry CO.,ltd., the management and technical advantages of FIVES, the abundant human resource and rich experience in equipment manufacturing of WISCO would be fully realized. Moreover, with the broad market of WISCO or even the world, a globally leading industrial equipment manufacturing base would be built by FIVES and WISCO jointly.