Futian Automobile announced on the evening of October 28, 2013 that the company will increase the capital in cash to Beijing Futian Cummins Engine Co., Ltd., of which RMB 300 million for the first phase and RMB 304 million for the second phase, totaling RMB 604 million. Cummins, another shareholder of Foton Cummins, will increase capital proportionately. At present, the company holds 50% of the equity of Foton Cummins, and its shareholding structure remains unchanged after the capital increase. In 2012, Foton Cummins achieved an annual sales of 75,300 engines, sales revenue of 2.073 billion yuan and total profit of 67.26 million yuan. Since 2013, Foton Cummins has maintained rapid growth. As of the end of August, it has sold a total of 68,200 engines, realized sales revenue of 1.828 billion yuan and total profit of 155 million yuan. After the capital increase, Foton Cummins plans to build a new diesel engine project with a total investment of 1.208 billion yuan. The project is planned to be implemented in 2015 with an implementation period of 18 months. At the same time, Foton Motor’s board of directors passed the proposal for the second phase of the Weifang Automobile Plant construction project, which agreed to invest 1,874,550,000 yuan in the construction of a light-duty passenger vehicle project for the Shandong Multi-purpose Vehicle Plant (tentative name). Hydraulic Valves,Hydraulic Diverter Valve,Hydraulic Relief Valve,Hydraulic Pressure Relief Valve Huai`an Vanke Hydraulic Machinery Equipment Co.,Ltd , https://www.wankeyeya.com
Foton Exceeds 600 Million Capital Increases Futian Cummins 1.8 Million to Build Weifang Auto Phase II