VIENNA, Austria (Dec. 8, 2009)—The SemperTrans conveyor belting unit of Semperit A.G. Holding has completed a joint venture with the Chinese Wang Chao Coal & Electricity Group.
Semperit will hold 80 percent of the shares in the new company, which is in the process of being set up. The registered capital will amount to close to $30 million. The joint venture will assume the operating activities of a newly built conveyor belt plant in the Shandong province, located on the Chinese east coast.
This expansion will allow Semperit Group to enlarge its product portfolio to include PVC/PVG belts, which are used primarily in the underground mining industry. The investment includes funding for a further capacity expansion, allowing in the medium term for about 15,000 metric tons of conveyor belts to be produced annually.