Shenyang machine tool manufacturer gains $101.61m investment

The Dongguan branch of Shenyang Machine Tool Group reached a strategic cooperation agreement with China’s leading street lights manufacturer on April 18 to cooperate on intelligent manufacturing, research and development, and industry data analysis.

According to the agreement, the Dongguan-based Xinquan Photoelectric Technology Co Ltd will invest 700 million yuan to help Shenyang Machine Tool Group establish an intelligent manufacturing factory with an annual output of over 3,000 units of metal cutting equipment over a two-year period.

In addition, the two sides will deepen cooperation centered around i5 (industrialization, informatization, internet, intelligentialize and integration) intelligent technology application, providing an integrated solution for the consumer electronics field, and the establishment of intelligent workshops connected to the internet.

The cooperation between the two sides will bring mutual benefits, as it helps Xinquan Photoelectric Technology Co obtain professional technical support, and it brings the machine tool manufacturer more capital for research and development, said Wang Qian, chairman of Xinquan Photoelectric Technology Co.