News 

German fastener manufacturer KOLB, together with its two Chinese partners, has begun construction of a new plant in Handan, Hebei province, a local Chinese newspaper reported.

The three parties, including Handan Tongda Machinery Co and Beijing Golden Five-Star Trade Group Co, plan to inject a total of 400 million yuan (US$58 mln) into the project which, after completed, will produce high-end fasteners for automobile, airplane and machinery industries.

The joint venture plant is scheduled to have an annual production capacity of 8,000 tons after it is launched and is expected to post sales revenue of 630 million yuan per year.

KOLB started as a screw manufacturer back in 1910 and began to manufacture fasteners of stainless steel for the automotive industry in 1979.

KOLB sold 42 percent of its annual products in Germany and 19 percent in the U.S. The company posted sales value of more than US$25,900 in 2007.