German Elevator Giant Opens Asian Headquarters in Shanghai

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Last updated at: (Beijing Time) Saturday, March 08, 2003

German Elevator Giant Opens Asian Headquarters in Shanghai

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The world's third largest elevator producer and most important subsidiary of Germany-based industrial giant ThyssenKrupp AG, ThyssenKrupp Elevator, has announced the establishment of its Asian headquarters in Shanghai.

ThyssenKrupp Elevator has become one of the major elevator providers in Asia, with more than 100 agencies across the region.

According to Helmut Muller, president of ThyssenKrupp Elevator for the Asia region, the company's business in China had witnessed rapid growth. For instance, during the 2001-2002 fiscal year, business in China increased by 25 percent.

ThyssenKrupp AG and Shanghai Baogang Group have developed a joint venture, Shanghai Krupp Stainless, with a total investment of 1.4 billion US dollars.

In addition, ThyssenKrupp AG is also the major investor for the maglev railway project in Shanghai, the first of its kind in China.

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