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 China International Marine Containers (Group) Co's booth at a trade show in Beijing. Provided to China Daily |
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China International Marine Containers (Group) Co will build a new container production base in Guangdong costing 7 billion yuan ($1.13 billion), the company said in a statement to the Hong Kong stock exchange.
CIMC, the world's largest container manufacturer by market share, is betting that a recovery in the global shipping market will boost demand for containers.
The statement said that wholly owned subsidiary CIMC Container Holdings has reached an investment agreement with the Fenggang county government of Dongguan city, Guangdong province for the CIMC Fenggang logistics equipment manufacturing project.
CIMC Container will initially invest 2.5 billion yuan to acquire land and build infrastructure facilities, which are due to be completed by the end of next year.
The remaining funds will mainly be spent on the construction of plants, the purchase of fixed assets, market promotion, and product research and development.
Annual production capacity will reach 750,000 standard containers (calculated as 20-foot equivalent units).
CIMC's revenue rose 1.2 percent to 41.19 billion yuan between January and September in 2013. But its container business was affected by a declining global shipping market, with revenue falling 22 percent to 16.71 billion yuan.
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