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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bang & Olufsen AS | AQEU:BOC | Aquis Europe | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 9.32 | 9.31 | 9.37 | 0.00 | 10:01:01 |
FOR IMMEDIATE RELEASE BOC announces major investments in China Over USD 100 million to be invested in three schemes Windlesham, UK, 8 October 2003 -- BOC, and its joint venture partners, are to invest over USD100 million in developing three schemes in China, at Taiyuan, Suzhou and in the Pearl River region. Tony Isaac, BOC's chief executive commented " We are confident that our strategy of focused investments in China, including joint ventures, will further cement BOC's current position as the number one industrial gases company in Asia". Developing a partnership with China's largest stainless steel manufacturer BOC-TISCO, the joint venture between BOC Gases and Taiyuan Iron and Steel Corporation (TISCO), will build two new air separation units (ASUs) to supply 1400 tonnes a day of oxygen to TISCO's plant in Shanxi province in north-central China. The new ASUs represent an investment of USD82 million (GBP49 million) and they will come on stream at the end of 2005. This investment is in response to strong demand for stainless steel in China and will support TISCO's vigorous expansion plans. The agreement was announced in Shanghai where the board of The BOC Group is currently meeting. The formal letter of intent between BOC and TISCO will be signed in Beijing on Thursday. TISCO is the largest stainless steel producer in China and has been selected by the central government as one of two stainless steel development centres. TISCO's current production of nearly 600,00 tons a year of crude stainless steel will rise to 900,000 tons by 2005, which will make it one of the five largest stainless steel producers in the world. BOC-TISCO was formed in 1996 with an initial capital investment of USD30 million (GBP18 million). The joint venture entered into a 15-year agreement to supply industrial gases to TISCO. BOC has been investing in China since the mid-1980s and is continuing the strategy that has established it as the leading industrial gases company in the country. Building two additional plants in the Pearl River region Through Hong Kong Oxygen, its joint venture company in southern China, BOC has reached an agreement with Guangzhou Iron & Steel (GIS) for their joint venture company Pearl River Gases (PRG) to build a further two ASUs, adding around 400 tonnes of production to its current operations. Costing a total of USD19 million, this new investment will come on stream by the end of 2004, supporting GIS's expansion of its steel manufacturing operations in southern China. GIS is a major steel producer in China with an annual steel production capacity of 3.5 million tons. PRG was formed in the early 1990s and has three joint venture companies under its management. These three companies together supply oxygen via pipeline to two steel sites, and bulk and compressed gases to the merchant market within the Pearl River Delta. Expanding the pipeline network in Suzhou BOC's wholly owned subsidiaries in Suzhou have begun construction of new on-site supply scheme pipelines to meet increasing demand for industrial gases from key customers in Suzhou Industrial Park and Suzhou New District. Coming on stream at the end of this year, the new USD10 million investments further strengthen BOC's position in the Shanghai/Nanjing area. -Ends- Note to Editors: The BOC Group, which serves two million customers in more than 50 countries, is one of the largest and most global of the world's leading gases companies. It employs more than 46,000 people worldwide and had annual sales of over £4 billion in 2002. Further information about The BOC Group may be obtained on the Internet at http://www.boc.com Contact: Christopher Marsay, Director, Investor Relations Tel. 01276 477222 (International +44 1276 477222) END
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