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Sino-American auto paint JV launched Sherwin-Williams, the largest paint company of the United States, has launched a joint venture for making car paint in Shanghai in cooperation with a local chemical company. Shanghai SW and KNT Coating Co, which was inaugurated last Friday, is jointly financed by Sherwin-Williams and Shanghai Kinlita Chemical Co Ltd. It will require a total investment of US$8 million, said corporate sources. In accordance with the agreement, the American investor is responsible for 60 percent of the investment in the joint venture, which is registered for a capital of 37 million yuan (US$4.46 million), while the Chinese partner will pay the rest. The new joint venture, which has a term of 50 years, will be equipped with advanced equipment and technologies imported from the United States and will also produce decorative accessories for automobiles. |
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