Germany's Voith to expand investment in China

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Last updated at: (Beijing Time) Thursday, November 27, 2003

Germany's Voith to expand investment in China

German industrial conglomerate Voith AG has announced plans to expand its investment to China.

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German industrial conglomerate Voith AG has announced plans to expand its investment to China.

Voith president Hermut Korman said his company would make an additional investment of 15 million to 20 million euros annually in exploring the papermaking equipment, hydro generators and powertransmission equipment market in China in the coming years.

Currently, Voith has 12 subsidiaries in China, with a combined investment of 100 million euros.

Voith's sales in China reached 375 million euros in the 2002/2003 fiscal year, or 12 percent of the company's global total.

Since 1997, Voith has provided 17 papermaking production lines to China. It has won contracts worth over 250 million euros in China for its paper subsidiaries in the coming 12 months.

Paper consumption is expected to nearly double in China by 2010from its current 43 million tons annually.

Established in 1867, Voith boasts 180 subsidiaries worldwide, employing 24,000 staff and annual sales stand at around 3.3 billion euros.

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