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Eglisau, February 18, 2000
Forbo Siegling, Shenyang, a joint venture in China established in 1997 between Forbo's belting division Siegling and Shenyang General Rubber Belt Factory, has become a wholly foreign owned enterprise after the Chinese partner has decided to sell its 20 % share in the operation to Forbo. This change became effective on January 6, 2000. The registered capital has simultaneously been increased from US$ 6 m to US$ 8 m. "With this increased investment in China, we are more than ever committed to serve the quickly expanding market in China and export markets within Asia with high quality belting products on competitive terms", says Werner Kummer, CEO of Forbo International SA, Eglisau, Switzerland.
Forbo Siegling Shenyang manufactures and distributes drive and conveyor belts made of synthetic material for the transportation, manufacturing and processing industry. The Chinese operation is an important step to further strengthen Forbo's leading global position for synthetic belting products. The company's headquarters is located in the Shenyang Economic and Technological Development Zone with offices and production facility. Forbo Siegling now has branches with workshops in Shanghai and Guangzhou and coordinates its activities with the Siegling GmbH branch in Hong Kong. In total, there are 100 employees. The Joint Venture was formed on March 18, 1997, and the factory started its operation on July 18, 1998.
Forbo worldwide develops, manufactures and markets products and systems in the two divisions flooring and industry specialities. The company employs around 7 000 people and is operating internationally with 30 production sites in 12 countries and 73 marketing organizations in 25 countries.
Editors please note:
Press conference to announce annual results: 27 March 2000
Financial analysts' meeting: 27 March 2000