Siemens establishes new joint venture

(A&D) and Jiangsu Beide Electrical Machinery Corporation signed a contract to establish a new joint venture, Siemens Standard Motor Ltd (SSML) in

.

With about 1500 employees, SSML will focus on the development and manufacturing of a comprehensive range of small and medium size low-voltage motors.

The joint venture, which aims to achieve a leading position in the medium price market segment in China, is subject to approval by the relevant authorities.

The Chinese market for low-voltage motors has a volume of around €700 million and a yearly growth rate of around five per cent.

Zhang Gui Lin, Chairman of the board of Jiangsu Beide Electrical Machinery Corporation commented: “With locally manufactured comprehensive motors from Jiangsu Beide and the utilisation of the wide Siemens market access in China, SSML will have great growth opportunities.”