HKO Increases Production Capacity in China's Pearl River Delta.Business Editors MURRAY HILL, N.J.--(BUSINESS WIRE)--June 9, 2004 Hong Kong Oxygen (HKO HKO Hong Kong Observatory HKO Heckler and Koch Oberndorf ), a joint venture (JV) between BOC and Air Liquide, has expanded its position in China by signing a contract to build an air separation unit (ASU) and a liquefier liq·ue·fy also liq·ui·fy v. liq·ue·fied, liq·ue·fy·ing, liq·ue·fies v.tr. To cause to become liquid, especially: a. To melt (a solid) by heating. b. to supply Zhujiang Iron & Steel Corporation's (ZIS), steel making operations in the Guangdong Province of the People's Republic of China. ZIS is a modern hot rolled coil steel plant using an electric arc furnace An electric arc furnace (EAF) is a furnace that heats charged material by means of an electric arc. Arc furnaces range in size from small units of approximately one ton capacity (used in foundries for producing cast iron products) up to about 400 ton units used for secondary (EAF) steelmaking process. With demand for its products continuing to grow, ZIS has expanded its liquid steel production from one million to two million tons per year by installing a second EAF. Construction of the 180 tonne-per-day (tpd) ASU and liquefier began in February 2004 at the existing plant site, which is located in the Guangzhou Economic and Technological Development Zone. The project is expected to be completed by December, 2004. The investment is being financed through Pearl River Industrial Gases (PRIG), another joint venture company between Guangzhou Iron and Steel (GIS) and HKO. Over the past four years, PRIG, which is the leading industrial gas supplier in the Guangdong Province, has invested more than USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 36 million in South China. "HKO's investment is aligned with our strategy to strengthen our JV's position in the Pearl River Delta The Pearl River Delta Region (PRD) in China occupies the low-lying areas alongside the Pearl River estuary where the Pearl river flows into the South China Sea. Since the "Open Door Policy" was adopted by the Communist Party of China in the late 1970s, the portion of the delta in to meet the growing demands of both local and international companies who are similarly investing in this important economic region," said Jim Le, general manager for HKO in South China. HKO Group (Hong Kong Oxygen) is jointly owned by The BOC Group and L'Air Liquide. The company was formed in 1959 to serve the Hong Kong market but since the early 1990s has been developing a leading market position within the increasingly important South China region. The BOC Group (NYSE NYSE See: New York Stock Exchange :BOX), the worldwide industrial gases, vacuum technologies and distribution services company, serves two million customers in more than 50 countries. It employs 44,500 people and had annual sales of over $7 billion in 2003. Further information about The BOC Group may be obtained on the Internet at www.boc.com. Present in 65 countries, Air Liquide is the world leader in industrial and medical gases and related services. The Group offers innovative solutions based on constantly enhanced technologies. These solutions, which are in line with Air Liquide's commitment to sustainable development, help to protect life and enable our customers to manufacture many indispensable everyday products. Founded in 1902, Air Liquide has more than 31,900 employees. The Group has successfully developed a long-term relationship with its shareholders built on confidence and transparency and guided by the principles of corporate governance. Since the publication of its first consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge in 1971, Air Liquide has posted strong and steady earnings growth. Sales in 2003 totaled 8,394 million euros, of which sales outside France accounted almost 80%. Air Liquide is listed on the Euronext Paris stock exchange and is a component of the CAC See Consumer Advisory Council. 40 and EuroStoxx 50 indexes (ISIN Isin (ĭs`ĭn), capital of an ancient Semitic kingdom of N Babylonia. The city became important after the third dynasty of Ur fell to the Elamites and the Amorites (c.2025 B.C.). The phase from c.2025–c.1763 B.C. code FR 0000120073). |
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