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  • AMP, Lorom Set Up Joint Venture in Shenzhen, Hangzhou
  • August 19, 1998 (HONG KONG) -- AMP Inc., a U.S. electric connector producer, will set up a joint venture with Taiwan's Lorom Industrial Company Ltd. in Shenzhen and Hangzhou, China.
    The new company, which will support AMP's cable systems business worldwide, is its latest endeavor to widen the Asian base beyond its nine sales offices and production facilities in Shanghai, Shunde and Qingdao.

    AMP, with 46,500 employees in 53 countries, will employ more than 2,500 workers in the joint venture. It manufactures products for the automotive, aerospace, computer networking, power and utilities, and telecommunications industries.

    The company has been in China since 1991. It is involved in various other projects in China, including basic research, leadership development and vocational education.

    According to William Hudson, AMP president and CEO, China is liberalizing trade, establishing a modern financial system and regulating markets better than ever before. However, much has to be done to bring about a stable and more efficient macroeconomic environment to ensure sustainable and non-inflationary growth.

    Investor confidence in China can only rise by rapid implementation of safeguards for intellectual and other property, Hudson added.

    (Eleanor Yeung, Staff Correspondent)


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    Updated: Tue Aug 18 18:44:38 1998 PDT