Fives and Wisco signed a cooperation agreement at the Elysee Palace, during the official visit of the Chinese President Xi Jinping.
On Wednesday March26th, during the official visit of the Chinese President Xi Jinping, Frédéric Sanchez, Chairman of the Board of Fives, and Qilin Deng, Chairman of Wisco, China's third largest steel group, were welcomed at the Elysee Palace to sign an extensive cooperation agreement.
The agreement initially concerns the creation of a production joint venture in China and the sealing of a contract to supply a steel production line dedicated to the automobile industry. This agreement counts as part of the top Franco-Chinese agreements signed last week in the presence of Presidents François Hollande and Xi Jinping. Most of these agreements are trade agreements and are reported to represent a total of € 18 billion -Fives being the only Equipment and Industrial Technology provider listed.
The new Wisco / Fives joint venture will be based in Wuhan and will give Fives access to local production for the equipment it designs. It will also provide both partners with an access to a local market eager for key high added value technological equipment.
The contract signed by Wisco and Fives involves the supply of a high-end steel strip annealing line for the automobile industry, to equip the new production site built by Wisco at Fang Cheng Gang, South of China. The line will be one of the biggest in the world with a production capacity of approximately 1 million tons per annum and will be equipped with advanced energy and environmentally efficient technologies supplied by Fives.