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  • Seagate Technology Plans to Boost Investment in Shenzhen
  • July 2, 1998 (BEIJING) -- Seagate Technology Inc. of the United States said it plans to increase its investment in Shenzhen, from US$20 million to US$122 million within five years.
    A contract on increasing assets for Shenzhen Seagate Co., Ltd. was signed recently at the Great Hall of the People in Beijing. This was one of the Sino-U.S. economic cooperation programs signed in conjunction with U.S. President Bill Clinton's visit to China.

    The increased investment will be used mainly to purchase and install production equipment and related facilities.

    Seagate Technology and China Electronic Industrial Corp. jointly set up Shenzhen Seagate Co., Ltd. in 1992. The joint venture, with about 1,700 employees, has produced more than 16 million hard disks. It is one of Seagate's most efficient subsidiaries.

    Seagate is confident about China's macroeconomic environment and the expansion of its business in the country, a Seagate official said. He added that more investment will be channeled into another hard disk production plant in which Seagate has invested, in Wuxi, in east China's Jiangsu province.

    Seagate's global sales surpassed US$9 billion in 1997. Shenzhen Seagate took the lead in China's foreign-funded enterprises in exporting products worth nearly US$940 million in that year.

    (Xinhua News Agency)

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    Updated: Wed Jul 1 16:33:53 1998