Meridian Technologies signs joint venture agreement in China, invests $20 million.Meridian Technologies, Inc., Strathroy, Ontario For other places with the same name, see Strathroy (disambiguation). Strathroy (2006 population 13,500) is a community in southwestern Ontario, Canada, part of the Municipality of Strathroy-Caradoc. , Canada, signed a joint-venture agreement in June with SCAAC, a subsidiary of Shanghai Automotive Industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. Corp., Shanghai, China, to manufacture automotive die castings die casting Forming metal objects by injecting molten metal under pressure into dies or molds. An early and important use of the technique was in the Linotype machine (1884), but the mass-production automobile assembly line gave die casting its real impetus. beginning at the end of 2003. "This opportunity will allow us to immediately serve some of the needs of the growing Chinese automotive marketplace," said Paolo Maccario, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Meridian. "We also expect to be in an ideal position to enhance our strong relationships with existing customers, either by supplying their own Chinese plants or by exporting magnesium products we otherwise would not have been able to offer from our Western facilities." Meridian will invest $20 million and own 60% of the joint venture. This agreement represents Meridian's first strategic expansion into the Asia-Pacific region and follows its successful launch of a similar facility in the United Kingdom earlier this year. |
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