April 8, 2002 – China – South Korea-based Jusung Engineering and China’s Zongyi Group are to establish a joint venture named Jusung Nantong Technology Co. Ltd. in Jiangsu province.
The two parties have signed the cooperation agreement, reported Chamber World Network international Ltd. The companies will cooperate in the production of equipment for the semiconductor manufacturing industry.
The two companies are to invest a total of US$30 million in establishment of the joint venture, in which Jusung Engineering is to hold a 60% stake.
The companies plan to increase invested capital to US$100 million in several months.
Production is scheduled to being before the end of 2002, and the two companies have set an operating revenues target of US$2.8 million for the JV for the year.