On April 16, 2011, the world's top 500 companies Cummins and Shijiazhuang Tianyuan Technology Co., Ltd. formally signed a joint venture contract. The two parties will jointly establish Cummins Tianyuan Technology Co., Ltd. with a 50:50 ratio to jointly develop automotive and off-highway vehicles. Engine remote control solution. This is Cummins' first overseas R&D base set up as a joint venture and Cummins' world's first IT technology company.
The Cummins Group is the world’s largest independent engine manufacturer. Its products include diesel and alternative fuel engines, key engine subsystems, and power generation systems. It is a Fortune 500 company and was selected for the Dow Jones Global Sustainable Development Index for five consecutive years. China seeks cooperation and carries out the localization of engine production in Western companies. Tianyuan Technology Co., Ltd. was established in 1992 and is headquartered in the high-tech zone of Shijiazhuang. It is a high-tech company that provides industry management solutions and special remote monitoring systems for mechanical products. Its current annual sales revenue is nearly 200 million yuan, including end products. It has reached an annual sales of 60,000 units, and is growing at a rate of no less than 30% per year. Tianyuan's corporate standards have become the industry standard.
After the establishment, Cummins Tianyuan Technology Company will focus on further development and utilization based on remote control technology platforms such as GPS and provide customers with value-added services including remote operation management, information management, user equipment management and post-market support. The joint venture company will fully coordinate the design and development of integrated solutions, tailor tailored system solutions for customers' different application needs, and provide corresponding after-sales services and technical support.
According to reports, the cooperation between Cummins and Tianyuan is divided into two steps: the first step is to register a capital of RMB 20 million, each party invests 50%, and set up a joint venture focusing on R&D. The products are mainly used in the Chinese market and are matched with Cummins engines. It is expected that the output of 600,000 units will be reached in 2015. After the standard configuration, it is estimated that the annual sales revenue will be 2 billion yuan and the tax revenue will be 300 million yuan or more; the second step will be increased to 50 million yuan to 100 million yuan, mainly to increase production for R&D and production. Bring the market's development to the world.
The cooperation between Cummins and Tianyuan marks that another Fortune 500 company has settled in Shijiazhuang. Shijiazhuang will bring huge economic and social benefits.
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