Drilling rig JVs to tap potential

Updated 2017-03-03 10:30:39 Shanghai Daily

Atlas Copco yesterday opened two joint ventures with Chinese drilling equipment maker Hongwuhuan Group to produce and sell drilling rigs in China, the Swedish industrial company said.

One of the joint ventures is based in Quzhou, Zhejiang Province, and will develop and produce surface drilling rigs and rock drilling tools. The other one, based in Shanghai, will focus on sales.

The companies expect to achieve 200 million yuan ( million) in sales this year.

The promising outlook is attracting foreign manufacturers which, however, "need to resort to local production to reduce cost amid fierce domestic competition," said Freddy Man, general manager for mining in China of Atlas Copco.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58July 21 2018 00:22:30

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16July 21 2018 00:22:30

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18July 21 2018 00:22:30

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords