SMT Scharf AG receives first order via Chinese Joint Venture

(PresseBox) ( Hamm, )
SMT Scharf AG (German Securities Code (WKN) 575198, ISIN DE0005751986), technology and global market leader for railbound railway systems for the mining sector, has received two new orders from China, including the first order via its Chinese joint venture. The orders have a total value for SMT Scharf of around € 3 million.

In January this year, SMT Scharf received its license from the Chinese authorities to form the joint venture Shandong Xinsha Monorail Co. Ltd. This company, which is located in Shandong province, started operations in June 2010. The joint venture received its initial order from a Chinese industrial holding company, which already uses SMT Scharf's monorail hanging railways in several of its coal mines. SMT Scharf will supply two construction sets from Germany which will then be completed in China. "We are very pleased that our joint venture has already been able to acquire its first order, just briefly after commencing its operations," commented Dr. Friedrich Trautwein, SMT Scharf AG's CEO. "This confirms our approach of working together with a local partner in order to offer our customers in this region close sales support and service on location."

In addition, a new Chinese customer ordered three monorail hanging railway trains from SMT Scharf. These will also be used in coal mines. Both orders will be delivered and invoiced in 2010.
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