China ACM and CSCEC Sign Strategic Alliance LoI
Under the terms of the agreement, China ACM will serve as the preferred provider of its eco-friendly ready-mix concrete and related engineering services to CSCEC's second engineering bureau division of its Third Construction Engineering Company.
Both companies agree to cooperate strategically in international and national markets, support each other and share resources so as to increase their competitiveness in the world construction market.
China ACM will also collaborate with and support CSCEC in the preparation of bids and proposals, provide access to its intellectual property and share capital resources to reduce capital requirements and increase cash flow.
Jeremy Goodwin, president and CFO of China ACM, said: “Signing a 'Strategic Cooperation Letter of Intent' with a major operating division of a company such as CSCEC, a globally ranked stated owned enterprise, holds great importance in China and enhances our leadership position with all existing and potential clients throughout the industry.
“This agreement provides a specific framework for cooperation to improve the competitiveness of both companies in China and worldwide -- across the board from high speed rail to real estate.”
Xianfu Han, chairman and CEO of China ACM, said: “ In Asia, market position and relationships are everything - from which all good new business, sales and opportunities flow. Following our first commercial bank debt financings recently, this agreement is yet another historic milestone for China ACM, as we continue to strengthen our leadership position in the China infrastructure and concrete marketplace.”
Will the alliance benefit the firms?
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