;
Home / Knowledge / News / Textiles / China Wind Systems signs agreement with Wuxi Lida Gear
China Wind Systems signs agreement with Wuxi Lida Gear
24
Sep '08
China Wind Systems Inc which supplies forged rolled rings to the wind power and other industries and industrial equipment to the textile and energy industries in China, announced that it has signed a preliminary agreement with Wuxi Lida Gear Manufacturing Co Ltd to supply rolled rings measuring from 3 meters to 4.5 meters in diameter for use in the wind power industry.

Wuxi Lida is a gear-rim fabricator with the capacity to fabricate up to 5,000 units per year. In addition, China Wind Systems also signed a preliminary agreement to supply Wuye Heavy Industry Machinery Co ("Wuye Heavy Industry Machinery") with forged products including shafts and pedestals for use in the heavy machinery industry.

The agreement with Wuxi Lida stipulates that China Wind Systems will supply 1,350 tons of forged rolled rings for a total purchase price of approximately RMB 20 million ($2.9 million) starting from the fourth quarter of 2008.

Wuxi Lida fabricates the rolled rings into gear rims and in turn sells the gear rims to companies in the wind power industry.

China Wind Systems is required to manufacture the forged rolled rings based on the technical and quality specifications provided by Wuxi Lida, and Wuxi Lida has the right to inspect the Company's facilities to verify compliance with the specifications.

The terms of the purchase are subject to a definitive agreement which sets forth the specific types, dimension and quantity of the forgings, as well as terms and conditions of the sale after the Company commences its production of forged products, which is expected in October 2008.

The agreement with Wuye Heavy Industry Machinery, contemplates that China Wind Systems will start supplying Wuye Heavy Industry Machinery with 1,300- 1,650 tons of shafts and pedestals for a total purchase price of approximately RMB 20-25 million ($2.6-2.9 million) from the fourth quarter of 2008 through the second quarter of 2009.

Wuye Heavy Industry Machinery will sign a formal contract with China Wind Systems after inspecting the forged products manufactured by the Company to ensure that the products conform to the technical specifications and quality standards provided.

"We continue to see strong interest in our forged products both for the wind power and other industries, and we are confident that our product quality will meet the strict quality requirements of Wuxi Lida, Wuye Heavy Industry Machinery, and other potential new customers," said Mr. Jianhua Wu, chairman and CEO of China Wind Systems.

"We expect to sign more contracts with wind- power equipment manufacturers as we ramp up our production in October 2008. Thus, we are confident we will meet the newly updated guidance for full year 2008 of $45 million in revenues and more than $7 million in net income," Mr. Wu said.

China Wind Systems Inc


Must ReadView All

Bangladesh jute industry at risk due to old technology

Textiles | On 18th Dec 2018

Bangladesh jute industry at risk due to old technology

Bangladesh’s jute industry is losing productivity and competitiveness ...

Cotton trading pace slows down in Brazilian market

Textiles | On 18th Dec 2018

Cotton trading pace slows down in Brazilian market

With the low quality of the batches available in the Brazilian market ...

Courtesy: Destination Maternity

Apparel/Garments | On 18th Dec 2018

Destination Maternity reports sales of $92.8 mn in Q3

Destination Maternity Corporation, the world’s leading maternity...

Interviews View All

Karel Williams, Dow Microbial Control

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Dharmendra Shah, Ozone PB Spintex Limited

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Manuj Terapanthi, Texaura

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Mala Alwani,

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Shivani Swamy,

Shivani Swamy

The Livinguard Technology is owned by Green Impact Holding AG based in...

Farheen B Rahman & Priti Jain,

Farheen B Rahman & Priti Jain

Founded by business-designer duo <b>Priti Jain and Farheen Rahman</b>,...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Ayyappa Nagubandi, Broadcast Wearables Pvt Ltd

Ayyappa Nagubandi
Broadcast Wearables Pvt Ltd

Hyderabad-based Broadcast Wearables has come up with the country's first...

Steve Cole, Xerium Technologies

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


December 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search