Printer Friendly

GE DRIVE SYSTEMS WINS MAJOR ORDER IN CHINA

 SALEM, Va., Nov. 18 ~PRNewswire~ -- GE Drive Systems, headquartered in Salem, today announced that it has been awarded a $50 million contract by the Shougang Corporation of the Peoples Republic of China.
 The order is with Shougang's Electronic Division for a new hot strip steel mill to be built near Beijing. GE Drive Systems will supply process control, drive automation, DC and AC drives, technical advisory services and spares for the new mill. Some industrial motors will be supplied by GE Canada. Beijing Mesta, a division of Shougang, will be the mechanical supplier on the project.
 The Shougang order represents a milestone of progress in GE Drive Systems' recent business strategy. In recent years, Drive Systems has placed a major focus on redesigning its products to incorporate common structures that reduce engineering and manufacturing cycles, and costs, while increasing customer value. This strategy is designed to give Drive Systems the competitive edge needed in world markets.
 Drive Systems' hot strip mill process technology and demonstrated performance were key factors in winning the order. Drive Systems officials said reduced cycle times and improved systems performance resulting from product structuring were pivotal factors in getting the order.
 LONG-TERM COOPERATION AGREEMENT
 The terms of the order include a Long-Term Cooperation Agreement between GE Drive Systems and Shougang.
 Under the Long-Term Cooperation Agreement, GE Drive Systems will provide software expertise on the project with manufacturing being shared by GE and Shougang. The agreement also provides for possible partnering for future business opportunities.
 While Drive Systems has done business in China before, this is the first major project for the GE business there. Drive Systems officials noted that the Chinese economy is already one of the fastest growing in the world, and that this project provides Drive Systems the opportunity to be a significant player in that growth. They called the project very exciting for the business, and very exciting for Drive Systems people.
 GE Drive Systems is a global supplier of controls, industrial drives and automation systems for basic industries such as steel, paper, power generation, oil well drilling and mining.
 -0- 11~18~92
 ~CONTACT: Roger B. Farley, manager of Human Resources of GE Industrial Systems & Services, 703-387-7811~
 (GE)


CO: GE Drive Systems ST: Virginia IN: SU: CON

AH-OS -- NY041 -- 2379 11~18~92 13:00 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 18, 1992
Words:384
Previous Article:SURVEY INDICATES CONCERN THAT HURRICANES REDUCED THE QUALITY OF A VACATION TO FLORIDA OR HAWAII; BUT VALUES MAKE STATES IDEAL DESTINATIONS
Next Article:PAINEWEBBER INCORPORATED ADDS THE GAP TO ITS FOCUS LIST
Topics:


Related Articles
GENERAL ELECTRIC NAMES MCNERNEY PRESIDENT - GE SOUTH ASIA; NEW POSITION TO FOCUS ON ASIAN GROWTH OPPORTUNITIES
GE WINS ORDER FOR PENNSYLVANIA STEEL MILL
GE LIGHTING FORMS JOINT VENTURE IN CHINA
GE MEDICAL SYSTEMS TO ESTABLISH A NEW JOINT VENTURE IN CHINA
GE QUARTERLY EARNINGS HIGHEST IN COMPANY'S HISTORY; EARNINGS PER SHARE UP 13% TO A RECORD $1.15; OPERATING MARGIN REACHES RECORD LEVEL OF 16.3%
GE Reports Record Third-Quarter 1999 Results.
GE Drivetrain Technologies Signs LOIs with A-Power to Supply 900 Wind Turbine Gearboxes and Establish Joint Venture to Build Wind Turbine Assembly...
GE Drivetrain, China's A-Power Energy Team Up on Wind Turbine Development.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters