PVTIME – On 20 March 2024, Wuxi Autowell Technology Co., Ltd. (Autowell/ATW, 688516.SH), a renowned manufacturer of automation equipment for the photovoltaic and lithium-ion battery industries, announced its intention to establish a new joint venture company in Malaysia, which will be mainly engaged in the production and sales of automation equipment.
According to the announcement, the joint venture will be established by Autowell (Singapore) PTE. (Autowell Singapore), a wholly owned subsidiary of Autowell, and TT VISION HOLDINGS BERHAD (TTVHB). Autowell Singapore will invest approximately 30.3 million US dollars (141,610,000 Malaysian ringgit) and hold 85% of the shares in the joint venture, while TTVHB will invest approximately 5.35 million US dollars (24,990,000 Malaysian ringgit) and hold 15% of the shares in the joint venture. The new factory will supply automation equipment to customers in Southeast Asia, Europe and the Americas.
Autowell is a world-renowned supplier of high-end PV equipment and the new facility is an important part of its globalisation strategy. The production base in Malaysia is expected to enhance Autowell’s competitiveness and help it deliver reliable products to customers as soon as possible, as well as further strengthen the competitive advantage of China’s automation and high-end equipment in the international market.
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