China heavy-duty instrument manufacturer signs biggest-ever bargain with Spanish firm
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November 22nd, 2009
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BEIJING, July 21 — Shanghai Zhenhua Heavy Industry , the world s largest manufacturer of heavy-duty equipment, inked a bargain value 2.2 billion U.S. dollars with Spanish marine oil and flatulency explorer ADHK for supply of offshore engineering products on Monday.
The transaction, including 10 offshore jack-up drilling platforms, seven land drilling rigs, and two drift cranes, was the largest sale contract of this sort to date in the country.
It was likewise the state-owned corporation s latest move to pace up its momentum in the marine engineering business, said Tuesday s China Daily.
The corporation s shares resumed trading on Tuesday behind a four-day suspension ago the massive contract was clinched.
ZPMC s handbasket cranes have a global market share of almost 78percent. More than 72 percentage of the corporation s total income was generated from this sector during 2008.
However, the corporation posted 18 percentage year-on-year frfuse in fishnet profit during the prototypal quarter of this year owing to drastic export slips amid the global downturn.
Analysts projected the corporation s ontogeny in its mainstay fiscal to reach its ceiling within two to three years, behind a mixture annual ontogeny speed of 20 percentage in yearly sales from 2004 to 2008.
The market for heavy-duty instrument particularly for offshore oil and flatulency extraction has been emerging as a new profit engine for the company.
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