On March 30, 2021, Huanyu Group and Eaton Electric Group held an unveiling ceremony for the joint venture company Huanyu Hi-Tech Co., Ltd. (hereinafter referred to as "Huanyu Hi-Tech") in Yueqing City, Zhejiang Province, officially establishing a strategic cooperative relationship between the two sides. Wang Xunxing, Chairman of the Board of Directors of Huanyu Group, and Liu Hui, President of Eaton Electric Group Asia Pacific and President of China of the Group Company, unveiled the plaque on behalf of both sides.
Wang Tuoyu, President of Huanyu Group, Wang Chu, Director of Huanyu Group, Wang Kai, Chairman of Huanyu Hi-Tech, Wang Aiying, Vice President and General Manager of Circuit Maintenance and Control Division of Eaton Electric Group Asia Pacific, Yang Yang, General Manager of Low Voltage Power Distribution of Circuit Maintenance and Control Division of Eaton Electric Group Asia Pacific, and other senior executives from both sides participated in the celebration. The strategic cooperation between Huanyu and Eaton has also been highly valued by the local government, and Xu Jianbing, mayor of Yueqing City, and other government leaders also attended the unveiling ceremony and deepened communication and communication with the senior management on both sides of the joint venture. The government has high hopes for this joint venture, hoping that the strong alliance of the two companies will lead to the upgrading of local industries and help the local economy.
Huanyu Hi-Tech is a high-tech enterprise in China, which is dedicated to the production and sale of low-voltage electrical components, and is committed to developing more valuable innovative products for customers in China and the Asia-Pacific region.
Huanyu Group and Eaton Electric signed a joint venture agreement on December 15, 2020. In addition, after inspection, the State Administration of Market Supervision and Management has agreed to the joint venture request, and the joint venture company will be named Huanyu Hi-Tech Co., Ltd., with Huanyu Group and Eaton Electric Group each holding 50% of the shares. Eaton is well-known as a global power management company, and Huanyu Group is one of the well-known brands of low-voltage electrical in China.
The establishment of the joint venture is a new starting point for the strategic cooperation between Huanyu Group and Eaton Electric Group. Based on the principle of complementary advantages and win-win cooperation, the joint venture will give full play to the technical advantages of Eaton Electric Group based on global channels and the resource advantages of Huanyu Group, continue to take "Committed to Intelligent Electric, Make Life More British" as its own responsibility, promote the upgrading of power supply side and power consumption side, improve the operating power and flexibility of low-voltage power distribution system, and help customers unlock the potential of energy conservation and efficiency.
The joint venture company is formed in Yueqing City, Wenzhou, Zhejiang Province, with about 1,300 employees, and the management level is composed of personnel from both sides. The new company will introduce international management experience and processes, concentrate on product development and innovation, cultivate local talent teams, build a modern channel network to deeply cultivate China's shopping malls, and gradually expand international shopping malls with the help of Eaton Electric Group's international channels, so as to become broader in the future.
"Made in China 2025" clearly states that in order to complete the transformation of China's manufacturing industry from large to strong, innovation is the key and quality is the foundation. After the joint venture, Huanyu Hi-Tech will focus on innovation, focusing on the development, production, service and technical consulting of low-voltage power distribution and industrial control electrical component products, as well as the sale, wholesale, import and export of self-produced products and similar products and related supporting affairs. Together, we will vigorously promote automation and lean production, and provide customers with a full range of high-quality products (MCB, MCCB, ACB, contactors, relays) that cover low-voltage electrical appliances, and will continue to sell them under the "HUYU" brand. The joint venture company will maintain its own product positioning and continue to innovate to help China's economic development.
Mr. Wang Tuoyu, President of Huanyu Group, commented on the opening: "The smooth completion of the strategic joint venture makes us have more waiting for the future!" It is believed that through the introduction of Eaton's capital and skills, relying on the location and advantages of Huanyu Hi-Tech in China's shopping malls, it will further improve the position of Huanyu Hi-Tech in low-voltage electrical shopping malls in the future. ”
Liu Hui, President of Eaton Electric Asia Pacific and President of China of Eaton Electric, said: "The formation of a new joint venture with Huanyu Group is of great significance to both parties and brings exciting new opportunities to both sides of the joint venture. Huanyu's mature product portfolio and production capabilities, combined with Eaton's global skill channels and marketing network in Asia-Pacific shopping malls, have enhanced Huanyu Hi-Tech's overseas expansion capabilities and jointly promoted the development of a new ecology of low-voltage electrical careers.
With the inauguration and operation of Huanyu Hi-Tech, with the support of Huanyu Group and Eaton Electric Group, its product solutions, skill advantages and shopping mall strategy will continue to be enhanced, releasing more kinetic energy, and will also have a positive impact on the low-voltage electrical shopping mall in the era of power transformation, helping the profession to complete sustainable and high-quality development.
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