Date: 2013-07-31

TMB Invested 200 million yuan in Technology Reformation

Chendu Tianman Railway Bearing Co., Ltd., one of the holding company of Zhejiang Tianman Bearing Co., Ltd. (TMB) has decided to carry out the technology reformation porject of large wind power bearing.

In order to meet the requirement of large wind power market, the technology reformation project this time needs to purchase 55 sets of various manufacturing and detecting equipment like new foring oil press, CNC vertical universal grinding machine and large size prototype device,etc. The total investment is 220 million yuan(all are invested in fixed assets). The projects starts from Oct. 2010 and the investment pay-back period is three years. After the project is implemented, it can form the production capacity of 2,500 sets wind power bearing each year. It is predicted that it will increase 300 million sales income and net profit of 75 million yuan each year.

TMB indicated that the products of this project are mainly the key supporting parts for large wind power equipments, which can meet the production capacity of large wind power supporting parts and improve the product quality. Meanwhile, it can greatly improve the payoff capacity of the company.

The board of TMB has also passed the proposal on Registration of new Deqing Tianma Heavy Duty Machinery Co., Ltd. In order to expand business, the company is to establish new industrial base in Linjiang-Hangzhou Industrial zone in Deqing Economic Development Zone, which need the company to participate in the land bid. Therefore, TMB is to invest 100 million yuan in the wholly-owned subsidiary--Deqing Tianma Heavy Duty Machinery Co., Ltd and the main business will be the manufacture of heave duty machinery products.

The notice also indicated that the TMB board received the resignation report from Ma Xing, the General Manager of TMB on Sept. 29th. According to the related reguation, the resignation of Ma Xing will take effect as soon as the board received the resignation report, while after he resigned from the General Manager postion, he will still be the Chairman of the Board. TMB board agreed Shen Gaowei to be the new General Manager.

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