Tianjin Economic Development Area News – December 2007
MOTOROLA CONTINUES TO INCREASE ITS INVESTMENT IN TEDA
As the first foreign-founded finance company, Motorola (China) Finance Company Limited (MCFL) recently opened its business in TEDA.
Motorola regards the introduction of such a new financial business to TEDA as a significant step in its global industrial strategy. With a total registered capital of 100 million yuan, MCFL will promote Motorola’s business development in China and gradually take charge of the settlement of accounts of Motorola in its operations outside China.
According to related laws and regulations, a finance company is a non-banking financial institution, and there are strict requirements for the conditions of establishment, procedures of examination and approval and supervision. In the past Motorola set up its finance companies in U.S., Singapore, and U.K. to deal with accounting business. Upon the approval of China Banking Regulatory Commission, MCFL will focus on providing financial services to Motorola’s subsidiaries, joint ventures, and affiliates in China. (Tr. by Chen Yu)
TIANJIN FACILITY OF PPG INCREASES INVESTMNET FOR PRODUCTION EXPANSION AND STARTS PRODUCTION IN NEW FACTORY BUILDINGS OF 60,000 M2
PPG Industries, the world’s leading coating producer, recently celebrated the opening of the first phase of its new facility in TEDA.
The new facility in TEDAcovers a land of 60,000 m2 and boasts a total investment of over 40 million dollars, which includes ten million dollars in its first phase. It will specialize in the production of coatings for consumer electronics and industrial finishes. Its second phase is expected to finish construction and commence production in 2009. After that the annual output of PPG coatings in TEDA will reach 70,000 tons. (Tr. by Chen Yu)
Source: All Roads Lead To China
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