Expansion of market position in power industry
Schenck Process has acquired all shares in Shenyang Stock Electric Power Equipment Company Ltd from Shenyang Electric. As of the end of September, Schenck Process now holds 100 percent of the shares in its former joint venture.
The joint venture was founded in 1993 between Shenyang Electric Power Machinery General Factory and the Stock Equipment Company, a Schenck Process Group subsidiary. Since then it has become one of the major suppliers to China’s power industry and its international presence continues to expand. In 2011, more than half of the products were exported to foreign countries.
“For us, the acquisition of Shenyang Stock Electric Power Equipment Company represents an important step in our ongoing expansion to be a global supplier to the power plant industry. It further strengthens our footprint in Asia, where we still see a lot of potential. Especially with our solutions for alternative fuels and the use of environmental controls, we are able to profit from the growth in this region,” explains Dr Jochen Weyrauch, President and CEO of Schenck Process.