ACHRNEWS

March 16, 2007: Danfoss-Sanhua Joint Venture Launched

March 16, 2007

HANGZHOU, China - Danfoss A/S and Sanhua Holding Group Co. Ltd. held a ceremony to mark the establishment of a joint venture - Danfoss-Sanhua (Hangzhou) Micro Channel Heat Exchanger Co. Ltd. - between the two companies. The ceremony was attended by top officials from Hangzhou City, Danish Ambassador Laurids Mikaelsen; Jorgen Clausen, president and CEO of Danfoss; Mogens Paulsen, president of Danfoss China; Zhang Daocai, chairman of Sanhua; and top executives of both companies.

"The establishment of the new company jointly owned by both Danfoss and Sanhua is the fruition of long time friendly relationship between two major companies from Denmark and China,” said Clausen in his speech at the opening ceremony. “The purpose of establishing the new company, which will supply products to the residential air conditioning market, is to strengthen both companies in the Chinese refrigeration and air conditioning market.”

“We are very delighted to see the final establishment of this new company together with Danfoss, a leading brand for providing solutions for refrigeration and air conditioning markets around the world,” remarked Daocai “Teaming up with Danfoss which has over 70 years dedication to technology innovation in refrigeration and air conditioning industry will significantly enhance Sanhua’s strategic transition from cost-oriented to technology-oriented, thus bringing greater value to our customers.”

Publication date: 03/12/2007