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JOINT VENTURE TO PRODUCE ROTARY AIR CONDITIONER COMPRESSORS IN CHINA

 NEW YORK, July 23 /PRNewswire/ -- Rotorex Technologies, Inc. a unit of NYCOR, Inc. (NASDAQ: NYCOA) and Shenzhen Petrochemical (Holdings) Co., Ltd. of China today announced that they entered into a cooperative agreement under which they intend to organize a joint venture to manufacture rotary compressors in Shenzhen, Guangdong Province.
 The agreement was signed today at an executive briefing session at The Pierre titled "Investment in Shenzhen: Partnership in China" attended by leaders of government and business in China, including Mr. Li Hao, executive vice chairman of the financial and economic committee of the National People's Congress, Mr. Li You Wei, mayor of Shenzhen and Mr. Zhu Yue Ning, vice mayor of Shenzhen. The agreement was signed by Mr. Joseph Giordano, president of NYCOR and Mr. Chen Yong Qing, general manager of Shenzhen Petrochemical.
 The total investment in the joint venture is expected to be $80 million with production targeted at 1.5 million compressors, including inverter-type, annually. The compressor manufacturing facility will be constructed adjacent to the largest air conditioner manufacturing facility in China, which has been built by Raybo Industrial Company, a unit of Shenzhen Petrochemical. The stock of Shenzhen Petrochemical is listed on the Hong Kong and Shenzhen Stock Exchanges.
 -0- 7/23/93
 /NOTE TO EDITORS: Please be advised that the correct presentation of the NYCOR name is in all capital letters -- NYCOR, Inc./
 /CONTACT: Kent E. Hansen of NYCOR, 908-953-8200/
 (NYCOA)


CO: NYCOR, Inc. ST: New York IN: SU: JVN

MP-PS -- NY027 -- 5062 07/23/93 10:30 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
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