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Kobe Steel invests in Chinese compressor company  

By Gerald Ondrey |

Kobe Steel, Ltd. (Tokyo, Japan; www.kobelco.com) has acquired a 44.3% equity share in Wuxi Compressor Co., Ltd., based in Wuxi, Jiangsu Province, China, after reaching agreement with parent company Wuxi Victor Group Co., Ltd. The investment will enable Kobe Steel to help meet rising demand for process gas (non-standard) compressors in China. The acquisition of the Wuxi shares was made through Kobelco (China) Holdings Co., Ltd., Kobe Steel’s China headquarters. This was Kobelco (China) Holdings’ first investment upon its start of operations in April. Wuxi Victor Group Co., Ltd. has a 51.5% share in Wuxi Compressor, Kobe Steel has 44.3%, and other investors hold the remaining 4.2%. Established as a state-run enterprise in 1955, Wuxi Compressor was privatized in 1992. Sales in 2010 were 650 million yuan, with pretax ordinary income (also called pretax recurring profit) of 30 million yuan. Capitalized at 92 million yuan, Wuxi had 716 employees at the end of 2010. The president is Yu Wenkai. Wuxi Compressor is a leading comprehensive manufacturer of compressors. It has received high acclaim from the market for its reciprocating compressors and screw compressors used in the oil refining and petrochemical…
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