ABB, the leading power and automation group, is to provide the new site of China Central Television (CCTV) with 67 transformers, worth 20 million yuan (about 2.5 million U.S. dollars).

The two sides signed an agreement to this effect Wednesday, which was followed by a press conference.

Bernd Muehe, head of ABB's Power Project Division and North Asia and president of ABB China, said he was pleased that ABB won this contract amid fierce competition by many multinational companies companies.

Ji Xiaojun, a CCTV official in charge of the new site construction, highlighted the importance of the project, calling it a "milestone" for the development of the country's TV sector.

CCTV's new site, which is located in the eastern part of Beijing, is now under construction and it is expected to play a leading role in broadcasting the 2008 Olympic Games in Beijing.

ABB, with its headquarters in Zurich, has 25 solely-owned or joint venture companies in China. In 2005, the company achieved 2.4 billion US dollars in sales in the country.

Source: Xinhua