TTS Bohai firm established

A firm claiming to be the first joint enterprise between a domestic shipyard and foreign enterprise to make ship equipment has been established.

A new Chinese company called TTS Bohai Mechanical Equipment (Dalian) Co Ltd, has been established to manufacture marine equipment. It is jointly owned by Dalian New Shipbuilding Heavy Industries (DNS) and Norway?s TTS Marine ASA. No details of its registered capital or share structure were released.

The new company, which will mainly make ship cranes, covers 23,000 square metres in the Dalian Bay North Sea Industrial Park. With the aim of producing 200 cranes annually, the company will supply shipyards at home and abroad. In five years, TTS Bohai aims to be the top ship and marine project equipment producer in the country.

The firm has already received orders from Chinese and foreign shipyards which ensure this year’s business target will be met, sources said. Details of the target were not disclosed.

The setting up of the new firm means the co-operation is steadier and official. The aim of the co-operation is so the Chinese side can learn about other management modes and technology while the Norwegians can more easily enter the Chinese market.