July 25 -- Jiangsu Jianghuai Engine (000816) and Tong Yang Moolsan (TYM), a South Korean company, plan to jointly invest US$11.5 million to set up a joint venture in Yancheng city, Jiangsu province, reports yicai.com, citing the company’s announcement.
Jianghuai Engine will inject six million dollars into the JV and hold a 52.2 percent stake. The new entity will research, manufacture and sell 100-horsepower and 70-horsepower tractors, reapers and high-speed plant setting machines.
TYM will inject cash and machine manufacturing technology into the JV. Jianghuai Engine hopes the partnership will give it a foothold in the mid-range and high-end agriculture machinery markets.