SINOMACH Establishes Strategic Partnership with GE2011-10-08
On September 20th 2011, SINOMACH Group and General Electric Company signed a Memorandum of Understanding on Strategic Cooperation in Beijing. The parties agreed to combine their strengths and expand their project EPC and equipment sales businesses in China and other rapidly growing emerging markets. In addition, cooperation between the parties will also expand their cooperation from the energy field into other areas such as medical, transportation, and finance.
Under the agreement, SINOMACH and GE will continue their cooperation in the innovation of cutting-edge technologies and offer their common clients continuously improving technologies and products through efforts to reduce costs, develop applications, and enhance performance. The parties will also seek cooperation opportunities to introduce General Electric Capital as a strategic investor in SINOMACH’s assets in order to further strengthen the parties’ cooperation in industrial areas and enhance asset values. Furthermore, the parties will communicate more openly on the best practices for organizational structure design and processes and operations management of the R&D Center and Training Center.
In the past, SINOMACH Group and GE have communicated closely and exchanged several top management visits. The parties have also maintained a healthy, long-term, cooperative relationship on relevant specific business levels. This strategic cooperative relationship between the parties not only signifies the higher level of cooperation between SINOMACH and GE, but also further enhances the international influence of SINOMACH and accelerates the internationalization of the Group.
Currently, SINOMACH Group is forging competitive advantages in two core business areas; i.e., equipment manufacturing and modern manufacturing service industries, and is continuing to promote the transformation and upgrade of traditional Chinese industries and the internationalization of the Group with diversified core products and services. Through cooperation with GE, SINOMACH will further strengthen its R&D and application of new technologies in areas such as new energy, energy conservation and environmental protection, high-end equipment manufacturing, modern agricultural equipment, remanufacturing of machinery products, and large power plants as part of its efforts to realize sustained improvements in China’s high-end equipment technology standards and the country’s ability to serve overseas clients.