Anqing Huanxin Group Co., Ltd. Business Report FY ended Dec. 2014
Financial Overview
-In 2014, the Company reached CNY 5.5 billion in sales.
-In 2014, the sales of Anqing TP Goetze Piston Ring Co., Ltd., a joint venture of the Company, reached over CNY 1 billion. The sales volume of the pistons rings is over 200 million units, accounting for 48% of the market share in China.
New Companies
-Anqing TPR Engineering Plastic Co., Ltd., a joint venture of the Company and Japan TPR, was established in March 2014. The new company produced resin sealing rings, suitable for CVT, AT, DCT.
-Samsung Huanxin (Xi'an) Power Battery Co., Ltd., a joint venture of the Company, Samsung SDI, and Xi'an Gaoke (Group) Company, was established in June 2014. The new company will be the largest production base for automotive power batteries in China.
-Huangxin Federal-Mogul Powder Metallurgy Co., Ltd., a joint venture between the Company and Federal-Mogul of the U.S, held a groundbreaking ceremony for a new plant in Anqing in June 2014. The plant will produce valve seat inserts and valve guides, starting in 2015. (From a press release on June 24, 2014)
Highlight at Affiliate
-Anqing TP Goetze Liner Co., Ltd. (ATGL), a joint venture of the Company, announced that it began operations of its fifth production line to produce long aluminum casting products in May 2014. The expansion has increased ATGL's cast cylinder liner capacity to 3.1 million units per month. (From a press release on November 25, 2014)
Domestic Investment
-Anqing TP Goetze Liner Co., Ltd. (ATGL), a joint venture of the Company, held a groundbreaking ceremony for its new technical center in October 2014. The center will have a floor area of 2,697 square meters on 1,364 square meters of land. ATGL is investing CNY 30 million in this center. Approximately CNY 10 million will be spent on construction and CNY 20 million will be spent on testing equipment. ATGL plans to complete the new building in December 2014, and install all testing equipment by March 2015. (From a press release on October 11, 2014)
-The construction of an EV battery factory started at the Xian Economic and Technological Development Zone in August 2014. The project is sponsored jointly by the Company, Shaanxi Province, and Samsung SDI. Investment in this plant is expected to reach USD 600 million, and new operations are scheduled to begin in October 2015. The facility will provide batteries for over 40,000 vehicles per year, becoming the largest supply base for automotive batteries in China. (From a press release on August 20, 2014)
-Anqing TP Goetze Piston Ring Co., Ltd., the Company's joint venture with Japan-based TPR, announced that it has added two production lines and related facilities to its Plant No.1 in August 2014. The expansion has increased the plant's production volume of cast iron piston rings and steel piston rings by 5 million units per year, respectively. (From news releases issued by multiple sources in August 2014)
-Huangxin Federal-Mogul Powder Metallurgy Co., Ltd., a joint venture between the Company and Federal-Mogul of the U.S, held a groundbreaking ceremony for a new plant in Anqing in June 2014. Investment in this construction project is expected to reach USD 50 million. The plant will produce valve seat inserts and valve guides, starting in 2015. Annual sales are expected to reach USD 80 million by 2018. (From a press release on June 24, 2014)