Streamer Registers A Joint Venture With The Chinese Shuiyuan
31.01.2019Registered on December 29, 2018. The WuSheng Joint Venture will design and manufacture the lightning protection equipment for the Chinese power system. According to the Constitutive Treaty, 51% stake in the new company will belong to Streamer while 49% will be held by the Chinese Shuiyuan. The company office is located in Central China, in the ancient city of Wuhan being at present one of the most important economic and cultural centers of the country.
"We have chosen Shuiyuan as our partner mostly because of the similarity of our approach to business, research, science and development. Shuiyuan is a notable player in the Chinese power equipment market. They have a strong scientific base due to close cooperation with the University of Wuhan, a modern R&D center and their own testing laboratory. But most importantly, Shuiyuan, like Streamer, looks to the future and is striving to create innovative products and technologies designed to improve the quality, efficacy and safety of energy systems," Streamer CEO Ivan Zhitenev says.
He noted that the name of the company, WuSheng, was proposed by the Chinese party and symbolizes integration of two great cities: Wu and Sheng are the first syllables of Chinese names Wuhan and St. Petersburg. And the resulting word "WuSheng" resembles the name of the mythological hero warrior, fighter for justice, honored in China.
In the first stage of work, WuSheng will assemble lightning protection equipment previously designed in Streamer and Shuiyuan research centers. Further, the partners will jointly develop innovative products designed primarily for the Chinese energy system and fundamentally different from products already on the market. An important aspect of cooperation between Russian and Chinese companies is the strict compliance of the Joint Venture with intellectual property laws. In particular, if WuSheng manufactures products developed by Streamer and relevant patents-protected, it should reimburse the patent owner.
Streamer, East Europe's largest developer and manufacturer of lightning protection products, started developing the Chinese market in 2013. The St. Petersburg company took into account the experience of numerous well-known corporations that tried to make the way in China and failed. "To have a successful business in China, you need to be recognized there, and this is possible only with a strong local partner. For us it was the Shuiyuan Company. The launch of our joint venture will help us work more actively in China and will give us a good resource to become an important player both in the energy equipment market of China and throughout the Asia-Pacific region", Ivan Zhitenev said.
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