KHD Humboldt Wedag International Ltd. and CITIC Heavy Machinery Company Execute an Exclusive Cooperation Agreement for the Engin
30 Março 2007 - 9:30AM
PR Newswire (US)
BEIJING and HONG KONG, March 30 /PRNewswire-FirstCall/ -- CITIC
Heavy Machinery Company Ltd. ("CITIC HMC") and KHD Humboldt Wedag
International Ltd. ("KHD") (NASDAQ:KHDH) jointly announced a
far-reaching exclusive cooperation agreement to jointly offer their
engineering, manufacturing and sale of plant equipment and services
to the global cement industry. This agreement serves as a vehicle
for both partners to efficiently implement a number of their
strategic goals. CITIC HMC had a strategic focus to expand the
market for their product and services outside of China. KHD had a
strategic focus to gain access to both the expanding domestic
Chinese cement market and low-cost manufacturing platforms for
their equipment and services. The timely, effective alternatives
available for implementing these strategies included either
acquisition or exclusive cooperation. Under the agreement, CITIC
HMC and KHD will combine their cement businesses to better deliver
their collective design and development, manufacturing service and
process technologies to the global market on a best value basis.
CITIC HMC and KHD believe the value of this cooperation agreement
complements international market demands. The companies have agreed
to grant each other right of first refusal to jointly offer turnkey
cement plant systems for new plants, capacity increases and
operational enhancements and jointly develop new and enhanced
equipment designs. CITIC HMC will provide its products and services
exclusively to KHD on projects outside the People's Republic of
China. In return, CITIC HMC will provide, on an exclusive basis,
KHD services and products on cement projects inside the People's
Republic of China. Under a manufacturing agreement, CITIC HMC will
manufacture KHD products for use by KHD and KHD will grant a
license to CITIC HMC for manufacturing of KHD products for use by
CITIC on its projects. Subject to availability, both KHD and CITIC
HMC agree to provide each other with engineering and design
support. The agreement also covers joint research and development
projects as well as the formation of jointly held operating
companies. Mr. Ren Qinxin, President of CITIC HMC, said "KHD has an
established market reputation for delivery of advanced technologies
and quality equipment to which CITIC HMC has contributed through
our past supply agreements. CITIC HMC looks forward to the expanded
application of its engineering and manufacturing capabilities to
the exclusive offering of equipment and process systems to our
collective customer base throughout the world. Continual
enhancement of our collective equipment and system designs, coupled
with the opportunity for significant cost reduction will be a
winning combination for the CITIC HMC - KHD team and for our
customers." Mr. James Busche, CEO of KHD, enthusiastically
commented "CITIC HMC has been a reliable manufacturer of KHD
designed products for many years. Our enhanced exclusive
co-operation will further increase KHD's competitive position to
economically supply cement equipment and services throughout the
world and now provide a marketing channel for the sale of KHD
proprietary equipment within China; this is in addition to our
product portfolio in non- cement markets. "This exclusive agreement
is a significant step in CITIC HMC / KHD's continuing strategic
effort to truly globalize available design and supply platforms to
maximize CITIC HMC / KHD's global competitive position and better
serve our customers." About CITIC Heavy Machinery Company Ltd.
CITIC Heavy Machinery Company Ltd. is a subsidiary of CITIC Group
(please visit the website at http://citic.com/), the largest mining
machinery manufacturer and one of the largest heavy machinery
manufactures in China specializing in cement, mining, metallurgical
process, nonferrous, power generation and environmental equipment.
Engineering and product design capabilities are provided by its
Mine Mechanical Engineering Design and Research Institute of
Luoyang. To obtain further information on CITIC HMC, please visit
their website at http://citichmc.com/ About KHD Humboldt Wedag
International Ltd. KHD Humboldt Wedag International Ltd (the
"Company") owns companies that operate internationally in the
industrial plant engineering and equipment supply industry, and
specializes in the cement, coal and minerals processing industries.
To obtain further information on the Company, please visit our
website at http://www.khdhumboldt.com/ Disclaimer for
Forward-Looking Information This news release contains
"forward-looking statements" as defined by the Private Litigation
Reform Act of 1995. Statements in this press release, which are not
purely historical, are forward-looking statements and include any
statements regarding beliefs, plans, expectations or intentions
regarding the future. Such forward-looking statements include,
among others, the expectation and/or claim, as applicable, that (i)
the Company will increase its sale of equipment and services in the
domestic Chinese cement market, (ii) the Company will be able to
lower the manufacturing costs of the equipment it sells, and (iii)
the agreement with CITIC HMC will increase the Company's
competitive position. It is important to note that actual outcomes
and the Company's actual results could differ materially from those
in such forward- looking statements. Actual results could differ
from those projected in any forward-looking statements due to
numerous factors. Such factors include, among others: (1) a
downturn in general economic conditions in the domestic Chinese
market, (2) acceptance of the Company's products and services,
including those developed and/or provided jointly with CITIC HMC,
by the domestic Chinese market (3) a decreased demand for the
Company's and similar products in the domestic Chinese market, and
in other markets like Asia, Europe, the United States and
internationally, (4) a decrease in the demand for cement, minerals
and related products in China, (5) the number of competitors with
competitively priced products and services, (6) product development
or other initiatives by the Company's competitors, (7) shifts in
industry capacity, (8) fluctuations in foreign exchange and
interest rates, (9) fluctuations in availability and cost of raw
materials or energy, (10) delays in the start or implementation of
projects included in our forecasts, (11) disputes regarding the
performance of our equipment and services, (12) the uncertainty of
government regulation and politics in Asia and other markets, (13)
potential negative financial impact from regulatory investigations,
claims, lawsuits and other legal proceedings and challenges, and
(14) other factors beyond the Company's control. The risks and
uncertainties that could affect future events or the Company's
future financial performance are more fully described in the
Company's quarterly reports (on Form 6-K filed in the US and on
Form 51-102F1 filed in Canada), the Company's annual reports (on
Form 20-F filed in the US and Canada) and the other recent filings
in the US and Canada. These filings are available at
http://www.sec.gov/ in the US and http://www.sedar.com/ in Canada.
Contact Information: Allen & Caron Inc. Rene Randall Joseph
Allen (investors) KHD Humboldt Wedag International Ltd. 1 (212)
691-8087 1 (604) 683-8286 or Len Hall (media) 1 (949) 474-4300
DATASOURCE: KHD Humboldt Wedag International Ltd. CONTACT:
Investors, Joseph Allen, 1-212-691-8087, , or Media, Len Hall,
+1-949-474-4300, , both for KHD Humboldt Wedag International Ltd.;
or Rene Randall, KHD Humboldt Wedag International Ltd.,
+1-604-683-8286, Web site: http://www.khdhumboldt.com/
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