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Johnson Controls to expand facilities in east China

Johnson Controls to expand facilities in east China

NANJING, June 11 (Xinhua): Global industrial giant Johnson Controls will invest 62 million U.S. dollars to expand its manufacturing facilities in the city of Wuxi, eastern China’s Jiangsu Province, local authorities said. The Ireland-based conglomerate inked a deal Monday with Wuxi high-tech zone that it would purchase land of around 6.13 hectares to enlarge its subsidiary York (Wuxi) Air Conditioning and Refrigeration Co. Ltd. as the business has grown significantly. A resource-saving and environmentally-friendly production line will be introduced and once put into production, the new plant is expected to see an increase in sales of 2 billion yuan (about 289 million U.S. dollars) every year, according to the company. The Wuxi plant will also become a research and development and manufacturing base integrating intelligent building control systems and energy solutions, the company said. Johnson Controls is an industrial giant in the fields of intelligent buildings and green energy. It offers services in more than 150 countries and regions. York (Wuxi) Air Conditioning and Refrigeration is a manufacturer of large-scale central air-conditioning and refrigeration equipment that has a large market share in the Asia Pacific region. China’s Tianqi Lithium Corporation said Monday that it looks to help boost Chile’s lithium sector with experience and know-how. The Chinese firm purchased a 23.77-percent share in Chilean company Sociedad Quimica y Minera (SQM) last year. Tianqi’s Corporate Development Director Song Yu said the firm is open to cooperation to strengthen battery recycling and other areas related to environmental preservation. Song highlighted the Chilean government’s solid policy of mineral development and exploitation, noting that the Chilean Institute of Clean Technologies is in the process of receiving bids to increase added value in the lithium industry. On the sidelines of the ongoing 11th Conference of Lithium Markets and Supply here, Tianqi’s top executives said they have “long-term” development plans in the country, and were “paying attention” to new investments and businesses in the global lithium market. There’s a sustained demand for lithium that counters the metal’s drop in prices, they said. “The industry is just taking some time to adapt,” said Tianqi’s President and Executive Director Vivian Wu, adding that lithium’s decrease in price is a result of a settling market as the demand increases due to the rise in electric mobility. Tianqi gained a foothold in Chile’s market in 2018, buying stock in SQM’s nonmetal mining operations from Canadian firm Nutrien. China issued new local government bonds worth 1.4596 trillion yuan (211.1 billion U.S. dollars) in the first five months of 2019, official data showed Tuesday. The accumulated new bonds accounted for about 47.4 percent of the annual local government debt quota of 3.08 trillion yuan, according to a statement from the Ministry of Finance, the People’s Bank of China and four other government agencies. Among them, 859.8 billion yuan was raised by special local government bonds. Most of the new local government bonds were used to finance projects under construction including railways, water conservancy works and agriculture infrastructure. China issued a document Monday which encourages local governments and financial institutions to use special bonds and other market-based financing methods to support key areas and major projects such as the coordinated development of the Beijing-Tianjin-Hebei region and the construction of the Yangtze River Economic Belt.

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