Shanghai: China International Marine Containers Co (CIMC) has announced that CIMC Container Holdings, a wholly-owned subsidiary of the company, has entered into an investment agreement with Dongguan Fenggang County government in Guangdong.
Under the agreement, CIMC Container Holdings agrees to invest an initial amount of RMB2.5bn for the development of a new container manufacturing base. The total investment on the Fenggang project is about RMB7bn, which will be injected and implemented in installments.
CIMC said the container business is one of the principal businesses of the group. Leveraging on the gradual recovery of the global economy, as well as the steady increase in global containerization rate, it is expected that the long-term growing trend of demand for containers will continue in the future. The directors believe that, upon completion of the Fenggang project, it will benefit the group in further fortifying and maintaining its leading position in the container industry. [18/03/14]