August 27, 2007 -- ThyssenKrupp AG intends to establish a crankshaft production in the Chinese city of Nanjing, ThyssenKrupp Technologies spokeswoman Anja Gerber told Dow Jones Newswires Monday. The German industrial conglomerate signed a corresponding memorandum of understanding in Beijing on the sidelines of a visit by Chancellor Angela Merkel, Gerber said. With this step, ThyssenKrupp intends to expand its position in the Chinese market, she added.

The steel maker, which also makes automotive parts, elevators and offers technology services, intends to invest around EUR130 million in the crankshaft production capacities in China. Production is expected to begin in the second half of 2009. ThyssenKrupp intends to sell the crankshafts to local and foreign producers of commercial vehicles in China, Gerber said.

Source: Dow Jones Chinese Financial Wire
Source: Factiva