XTC Partners with ABB on Rare Earth Magnetic Materials

Rare earth magnetic materials corporation formed by Xiamen Tungsten Co., Ltd (XTC) and ABB Ability, the signing ceremony of the strategic cooperation agreement was held in Xiamen, according to the China News. Fujian reported on September 21.

The meeting was hosted by Zhigang Zhuang, secretary of the Xiamen Tungsten Party Committee. Kexiang Zhong, vice president of XTC, and Yongzhan Zhao, senior vice president and head of the electrical business department of ABB China signed the contract on behalf of both companies.

At the signing ceremony, Zhigang Zhuang introduced the company's construction and development and future planning. He said that ABB is a global technology leader and owns a very high industry position in electrical equipment and industrial automation products. The cooperation prospects of both parties are excellent and space is very extensive. With the rapid development of various businesses, especially in the hard alloy, rare earth magnetic materials and rare earth permanent magnet motor. He believes that the corporation could create common ground for both parties to promote deep collaboration.

Yongzhan Zhao gave a general introduction to the company's business in China. He emphasized that they are committed to promoting the digital transformation and upgrading of the industry and providing industry-leading digital solutions based on ABB's AbilityTM digital platform. Helping customers operate more efficiently. The two parties possess complementary advantages. The company is willing to assist XTC to optimize with advanced digital power distribution solutions and energy management.

At present, the Group processes business in more than 100 countries and regions globally with 147,000 employees. It owns R&D, manufacturing, sales, and engineering services in China, with a total investment of approximately RMB 17 billion.

According to the cooperation agreement, XTC and ABB will carry out extensive and in-depth exchanges and cooperation in the fields of power distribution systems, rare earth magnetic materials, equipment asset management, energy efficiency optimization, smart parks, automation, and robotics based on friendly mutual trust corporation, and establish strategic partnerships.

• < Prev
• Next >