Today, KONČAR – Electrical Industry and the Chinese group China XD Electric Co. signed the Articles of Association for a joint-venture production of high-voltage equipment. The Articles of Association were signed by Yaping Wang, General Manager at XD Electric Switchgear and Miroslav Poljak, PhD, Member of the Management Board at KONČAR.
The signing ceremony, held at the KONČAR headquarters, was hosted by the Management Board of KONČAR, headed by Darinko Bago.
The ceremony was attended by Darko Horvat, Minister of Economy, Entrepreneurship and Crafts and representatives of the Chinese embassy in Croatia.
This signing ceremony represents a continuation of previous activities in the field of high-voltage switchgear. Following 2-year negotiations, on 12 June 2018 in Xi’an (China), KONČAR and the Chinese group China XD Electric Co. signed a shareholder’s agreement for a joint-venture production of high-voltage, SF6 gas insulated switchgear (GIS switchgear) with the voltage level of 170-420 kV.
Today’s signing of the Articles of Association marks the founding of KONČAR-XD High Voltage Switchgear, a joint-venture company with headquarters in Zagreb, and with each partner owning 50% of the company. The investment amounts to 140 million Croatian kuna, with more than 50% of that amount making the new company’s share capital. The company’s production range will supplement the existing products of KONČAR – Switchgear, and it will be primarily intended for European markets. The new company will start with approximately 50 employees and its core product is to be marketed by the end of 2020. Its 5000 m2 production facilities will be built in Sesvetski Kraljevec and they will enable the assembly and testing of high-voltage equipment of up to 550 kV.