BIZCHINA / Overseas Investment
M&M to expand in China
By Mu Jin (China Daily)
Updated: 2006-12-28 11:02
Swiss logistics company M&M Militzer & Munch International Holding AG is
to increase its turnover by 20 per cent in the Chinese market to US$35
million in 2006, following an average annual growth of about 23 per cent
over the past four years.
The rapid growth is powered by its business development in Tianjin, North
China's business hub, senior officials with the firm told China Daily.
With a registered capital of US$1.2 million, the company established a
75-25 joint venture with local player Tianbao Logistics in 1994 to extend
its forwarding business, which has a presence in Europe, Russia, the
Middle East and East Asia, to China.
In October, the firm teamed up again with its local partner to launch a
new logistics centre for its Asia-Pacific region. The centre is the
group's biggest logistics project in the East Asia, where it will focus
on China.
"Development of this new facility could enable us to provide tailor-made
one-stop services to our customers," said Dieter Buchinger, general
manager of M&M Tianbao. The joint venture's registered capital is
expected to hit US$5 million next year.
That, combined with the land purchase fund, will bring the firm's total
investment up to US$10 million.
Its location in the bonded area of the city's free trade zone could boost
its attractiveness to clients hoping to enjoy significant customs and tax
reductions.
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