Chinese construction firm to make investment in Brazil
Date added: 23rd February, 2010 at 09:29
(view all articles from February, 2010)
Categories: Economy
A construction company from China is to make an investment in Brazil.
Sany Heavy Industry, which is one of the largest makers of transporters, cranes and cement mixers in the world, will build a new factory in Sao Paulo state, reports Macauhub.
The company's investment in Brazil will be worth a total of $100 million (£64 million) and 1,000 jobs for local people are expected to be created once the factory is operational.
Xiang Wenbo, the president of the firm, said that in three years the factory would be 60 per cent Brazilian, although to begin with, an imported assembly kit from China will be used.
Worldwide, the Sany group employs more than 32,000 people in more than 100 countries.
This comes after French supermarket firm Carrefour denied it is to pull out of its commitments in the Latin American country.
Carrefour executive Jean Marc Pueyo told the Folha de Sao Paulo that the company would instead be making a further investment in Brazil.
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