SPX , Shanghai Electric forms JV to Serve Power Generation Sector

13 January 2011: SPX Corporation and Shanghai Electric Group Co has formed joint venture (JV) to supply industry-leading products to the power sector in China and select global opportunities. The JV agreement is between Shanghai Electric Group and an SPX subsidiary in China.

With 2010 revenue of $9.5 billion, Shanghai Electric is one of China's leading diversified heavy equipment manufacturing groups, providing power equipment, electromechanical equipment, heavy machinery, transportation equipment and environmental systems. Under the terms of the agreement, the joint venture will be called Shanghai Electric -SPX Engineering & Technologies Co., Ltd. and will be headquartered in Shanghai, China with a branch office in Beijing. Shanghai Electric will own a majority 55 percent of the joint venture and an SPX company the remaining 45 percent. A jointly appointed management team will run the JV company.

Source: Yourindustrynews