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Press Metal JV firm likely to start operation in 18 to 24 months- The 18th China£¨Guangzhou£©Int¡¯l Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
10/20/2016 sheet metal expo |
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Press Metal Bhd¡¯s joint-venture with Chinese aluminium company, Sunshine Development Co Ltd to set up Shandong Sunstone and PMB Carbon is expected to start operations in 18 to 24 months from now.
PMB, which will have a 20% stake in the MYR 280 million JV, with an option to increase it to 40%, aims to secure long-term supply of one of the major raw materials, pre-baked carbon anode.
Mr Datuk Koon Poh Keong Group chief executive officer said that PMB¡¯s share would only be worth about MYR 30 million. He said the amount was not a very significant investment compared to the benefit of a secured supply.
He told reporters that ¡°Sunstone has been the supplier for many years. The JV would allow PMB to be involved in the whole process of production and control of the quality. It is also a good measure to mitigate the cost in the event of the shortage of the material.¡±
Mr Koon said the plant in China would cater to 70% of the needs of the manufacturing plant in Malaysia and the rest would be outsourced from other suppliers.
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The 18th China£¨Guangzhou£©Int¡¯l
Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
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