Chinese TV Case Producer to Top World by Buying Facilities of US Corning

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Last updated at: (Beijing Time) Wednesday, August 27, 2003

Chinese TV Case Producer to Top World by Buying Facilities of US Corning

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China's leading television case producer, ACBC, held a ceremony on Wednesday marking the planned construction of a new plant, part of its drive to become the world largest case manufacturer after it purchased case equipment of Corning, the US-based world leading case maker.

ACBC's new plant will accommodate nine case production lines bought from Corning, which have been dissembled and shipped to China for installation in the capital of central China's Henan province.

ACBC paid 49.9 million US dollars in the strategic deal signed in May and Corning consequently announced plans to stop case production on June 30.

Corning's case production lines, a joint venture with Japanese company Asahi, registered losses because of fierce competition on the market.

With the operation of the nine lines and added capacity, ACBC is expected to become the world's largest case producer.

The plant, expected to cost a total of 1.1 billion yuan (133 million US dollars), is scheduled to start production next May, and achieve the annual sales revenue of 1.6 billion yuan (193 million US dollars) and annual profits of 280 million yuan (33.7 million US dollars), according to the Chinese company.

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