TYCO Purchases Chinese Power Cable Operation

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Last updated at: (Beijing Time) Tuesday, August 19, 2003

TYCO Purchases Chinese Power Cable Operation

US-based TYCO, one of the world's top 500 companies, has purchased a private Chinese firm's fireproof power cable operation, together with its trademark, for 10 million US dollars.

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US-based TYCO, one of the world's top 500 companies, has purchased a private Chinese firm's fireproof power cable operation, together with its trademark, for 10 million US dollars.

The Jiuli Group, based in east China's Zhejiang Province, is China's largest producer of fireproof power cables. It sidelined TYCO, whose output of mineral insulating power cable leads the world, in 2002 in an international bidding for a mineral insulating cable project for the relocation project of Baiyun International Airport in Guangzhou, capital of south China's Guangdong Province.

Impressed by the group's technologies, production scale, management and trademark value, TYCO offered to buy the company.

According to the agreement, TYCO will continue to use the Jiuli(which means "long-standing") trademark, and hopes to expand the Jiuli operation's capacity until it becomes the largest fireproof power cable base in Asia.

The Jiuli Group itself will concentrate on manufacturing stainless steel products, with its output and sales among the top three in China. The company has said that it hopes to become China's largest stainless steel products maker in the next couple of years and one of the top five in Asia by 2007.

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