CSSC invests $99m in propulsion R&D

CSSC invests $99m in propulsion R&D

China’s state-run shipbuilding conglomerate China State Shipbuilding Corportation (CSSC) has announced that the group and its subsidiary Hudong Heavy Machinery will jointly invest a further RMB629m ($99m) into CSSC Propulsion Research Institute to support the development of its propulsion R&D platform

The investment will be made in two phases, with RMB400m ($63) allocated for 2015 and RMB229m ($36m) for 2016.

CSSC said the investment will facilitate the development of several propulsion projects of the group and accelerate its joint venture project with Wärtsilä. In January, CSSC and Wärtsilä set up a joint venture, Winterthur Gas & Diesel, to jointly develop and promote sales of the Wartsila 2-stroke engine portfolio.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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