Asia
Shougang Century Eyes Formation of Tire Reinforcement Material JV
Shougang Century (HKG:0103) entered into a preliminary cooperation framework agreement with HONG KONG BMC (EUROPE I), according to a Monday Hong Kong bourse filing.The parties plan to form a joint venture to collaborate in the tire reinforcement material niche and explore the global market for industrial rayon products.The company is a supplier of tyre reinforcement materials to the steel cord industry together with Cordenka, of which HONG KONG BMC is a controlling shareholder.Following the setting up of a JV company, the parties intend to integrate their product lines and customer resources to boost their market influence and presence.
HKG:0103
