On July 16, a Hyundai heavy industry machinery project was founded in the Hi-tech Development Zone of Tai’an, Shandong province.

With a total investment of $100 million, the project mainly manufactures loaders and excavators, achieving estimated annual sales revenues of RMB 6 billion after completely put into operation.

The first stage of the project, with an investment sum of $50 million and estimated annual sales revenues of more than 3 billion yuan, mainly builds the loader production line, planned to be put into operation before June 2011 with the first batch of 5,000 loaders and an annual production capacity of more than 10,000.

The second stage of the project, also with an investment sum of $50 million and estimated annual sales revenues of more than 3 billion yuan, mainly builds excavators, other engineering mechanical vehicles and machinery parts. The project of research institute is under negotiation.

As one of the world’s TOP 500 enterprises, Hyundai Heavy Machinery Joint-stock Company, built in 1972, is famous for manufacturing construction machinery equipment. It is also the ship-building enterprise with the largest scale and highest general competence in the world. It mainly manufactures engineering machinery such as ship, loader, excavator, forklift, crane and lumbering machinery.

By Wang Qian and Liu Dongxian(China Daily Shandong Bureau)

Editor: Yu Meng