Asia
CITIC Heavy Industries Establishes New Subsidiary to Boost Capacity
CITIC Heavy Industries (SHA:601608) will inject 300 million yuan in capital to establish a new subsidiary that will implement a wear-resistant materials base project, according to a Friday filing with the Shanghai bourse.The subsidiary will be named CITIC Heavy Industries (Shanxi) Special Materials Technology.The new unit will implement the project, which will help expand the company's production capacity and address supply bottlenecks as the existing facility is approaching capacity saturation, the filing said.Total project investment is expected to be 943.4 million yuan, while construction is expected to last 24 months.
SHA:601608
