The UK“s Morgan Crucible PLC said its thermal ceramics division, which makes heat management materials including refractories, has taken a 70% stake in Hubei Kailong“s ceramic fiber business.
Therm…
The UK“s Morgan Crucible PLC said its thermal ceramics division, which makes heat management materials including refractories, has taken a 70% stake in Hubei Kailong“s ceramic fiber business. Thermal will pay USD 3.7 million for the stake; the sum includes a USD 3.1 million cash payment with the licensing of know-how and technology making up the remainder. The joint venture will enable Thermal to increase its presence in China and “substantially“ increase its production in low cost areas. Chief executive Warren Knowlton, said “These two Joint Ventures strongly support our target of increasing our presence in China. The strategic alliances with well-respected Chinese partners mean that we are well placed to align our superior technology with their knowledge of local production” The joint venture will trade as Morgan Kailong.