Expand Investment in Science and Technology and Empower Industry Development, Legend Holdings Realized Revenue of RMB483.7 billion by 2022

Legend Holdings Corporation (stock code: 3396.HK) announced its audited annual results for the year ended December 31, 2022 (the “Reporting Period”) on March 31, 2023. During the Reporting Period, Legend Holdings achieved revenue of RMB483.7 billion and net profit attributable to equity holders of the Company of RMB1.167 billion.

In 2022, uncertainties in the international situation continued to increase, including rising global inflation and significant volatility in international financial markets and commodity markets, which also had a significant impact on the Company’s performance. The industrial incubations and investments segment successfully promoted the listing of over 60 enterprises in the last three years, among the best in the industry. However, as these investments were measured at fair value, the segment’s performance was affected by the volatility of the capital market; in addition, Joyvio Group made a provision for goodwill and asset impairment in 2022 year due to factors such as rising operating costs caused by the increase in raw material prices and the interest rate hike by the Federal Reserve. Facing the challenges, the company carefully studied the layout and solidly promoted its strategy to strengthen its competitive ability while stabilizing its fundamentals and ensuring sustainable profitability.

Mr. Li Peng, Executive Director and CEO of Legend Holdings, said that during the reporting period, the company’s performance recorded a considerable decrease, but the company insisted on the goal of achieving high-quality development, with “industrial operation and technological innovation” as the core of its long-term development strategy. The company’s fundamentals are sound, and certain enterprises in the industrial operations and incubations & investments sectors have good long-term growth potential. The main task now is to further strengthen the existing business foundation and enhance industrial competitiveness, while actively adjusting the business portfolio and optimizing the business model to improve shareholders’ returns. During the reporting period, the industrial operations segment overcame various unfavorable factors and continued to promote management improvement and operation enhancement; the industrial incubations and investments segment focused on national key fields, supporting independent innovation and industrial chain upgrades, promoting the development of specialized and innovative enterprises, and linking economic chains in line with the dual circulation strategy. At the same time, the company continued to increase investment in scientific research and frontier layout, grasp green opportunities, promote energy saving and carbon reduction, and make positive progress in various businesses.

Driven by Technological Innovation, Continuously Expand R&D Investment in Frontier Technologies

In the current context of China’s implementation of science and technology innovation to lead high-quality development, Legend Holdings grasps the opportunities of the times and has been constantly improving its enterprise-led innovation system based on partnership among industry, academia and research institutes, and shaping a collaborative and efficient innovation pattern with specialized and innovative enterprises to promote the sustainable development of the enterprises.

In 2022, R&D expenses within the Legend Holdings system increased 21% year-on-year to RMB15.3 billion, with total R&D expenses of RMB37.8 billion in the past three years, representing a compound annual growth rate of 27%, with over 20,000 licensed patents, maintaining a leading position among large Chinese enterprises. Lenovo Group boosted its R&D investment by 21% year-on-year and has nine labs including artificial intelligence and enterprise cloud computing. The investment in R&D of Levima Advanced Materials increased by 21% year-on-year, and applied for 53 patents and obtained 58 granted patents during the reporting period. It focused on investment in the layout of high-end new materials, and achieved a breakthrough in the domestic production of electronic-grade hydrogen chloride and chlorine products after taking the lead in achieving the local substitution of photovoltaic film materials. The “20,000 tons/year UHMWPE (Ultra-High-Molecular-Weight Polyethylene) project” is expected to be put into operation in mid-2023, with the aim of reducing the UHMWPE import over-dependence. Fullhan Microelectronics’ R&D investment increased by 20% year-on-year, mainly in chip R&D field, with R&D staff comprising 85% of its workforce.

At the same time, Legend Holdings also promoted its funds to closely follow China’s national industrial plans and policy guidance and to intensively invest in national strategic industries, such as next-generation information technology, chips, new energy, new materials and AI. In 2022, the funds invested in almost 150 technology companies, and a total of 95 have been selected for the national list of specialized and innovative enterprises.

In the future, Legend Holdings will further focus on technological innovation when exploring new industrial areas and allocating resources, and will make long-term commitments in selected industries. The Company has set up the innovation and development center and planned to strengthen exchanges and cooperation with top universities and international institutions on early-stage technologies in key innovation areas.

Solidly Consolidate the Real Industry and Take Measures to Enhance the Quality and Efficiency of Real Economy

In 2022, Legend Holdings consolidated its business fundamentals, and withstood external challenges through management improvements and operational enhancements to ensure the steady progress of all businesses.

In the industrial operations segment, Lenovo Group continued to top the global PC business and was the world’s No. 1 supercomputing maker, while at the same time, it fully promoted the transformation of its business to intelligent services, with the revenue share of non-PC business exceeding 40%. Among them, the Infrastructure Solutions Group has achieved rapid growth by grasping the trend of accelerated transformation of the global digital economy and the opportunity of the new computing revolution; the Solutions & Services Group, as the core business of digital and smart transformation, continues to maintain growth momentum.

Levima Advanced Materials maintained its leading edge in the new materials niche market, and expanded into new business areas to seize the opportunity of green development. During the Reporting Period, it completed the technical upgrade and capacity expansion of its EVA devices to further enhance operational efficiency, and several key projects were progressing ahead on track. The project covering lithium battery electrolyte materials completed its interim delivery and is about to be put into operation. Levima also entered the field of electronic materials by investing in electronic specialty gas. Construction of projects covering new energy materials for battery and biodegradable materials are progressing into the construction phase. The “New Energy Materials and Biodegradable Materials Integration Project” has obtained approval and is now under construction in an orderly manner.

Banque Internationale a Luxembourg (“BIL”) has responded well to the challenges of the European economy and achieved good growth in all business indicators, while continuing to vigorously promote its business in China, helping Chinese enterprises issue overseas green bonds and contributing to the development of green finance; the bank’s CET-1 ratio was 13.35% and its international credit ratings remained high. Joyvio Group’s fruit business continued to reinforce its vertically integrated supply chain and core product strategy, and stepped up the development of new e-commerce retail channels.

On the other hand, a number of companies in the industrial incubations and investments segment have maintained their leading positions and steady development in their respective industries.

At the same time, Legend Holdings is also committed to promoting its portfolio companies to give full play to their advantages to empower the real economy.

Lenovo has been named to Gartner’s Global Top 25 Supply Chain ranking for eight consecutive years and was the only Asia-Pacific high-tech manufacturer on the list, with more than 850 manufacturing suppliers, promoting mutual development with SMEs along the industrial chain. In 2022, its manufacturing bases in Tianjin and Shenzhen commenced operations, and its Hefei base was recognized as a “lighthouse” factory by the World Economic Forum. Its new IT solutions to intelligent transformation were successfully deployed by nearly 1,000 companies across various sectors.

Promote Green Development, Help Rural Revitalization and Increase Investment in Public Welfare of Science and Technology

As a company growing up under the system of the Chinese Academy of Sciences, Legend Holdings has been actively focusing on public welfare investment in the field of science and technology. In 2022, the company entered into a donation agreement with University of Chinese Academy of Sciences Education Foundation (UCASEF) to donate RMB60 million to set up the Scientific and Technological Innovation Project Fund of Legend Holdings, specifically for nurturing of the talents and basic researches in the fields of information technology, artificial intelligence, new materials and biotechnology of UCAS. Legend Capital has also set up the ” Legend Capital Scholars Program” to help the construction of China’s innovative talents; Lenovo Group has reached cooperation with Shanghai Jiao Tong University and Tsinghua University and initiated donations to help the cultivation of R&D talents in universities.

Rural revitalization is an important part of Legend Holdings’ corporate social responsibility. In terms of industry, the company has cooperated with the China Women’s Development Foundation since 2018 to help women from low-income rural families to start businesses with local features through the “Revolving Fund for Mothers Project”, helping the local community to move towards the development path of quality-boosting agriculture, green-boosting agriculture and benefit-first. In terms of talents, the company has established Legend Holdings Rural Education Fund since 2004 to focus on rural education on an ongoing basis, helping students with limited family financial conditions realize their dreams of attending university.

The company continued to promote the focus on green and low-carbon development within the system, in active respond to the carbon peak and carbon neutrality strategy of the country. Lenovo is the first domestic high-tech manufacturer to pass the Science Based Targets initiative (SBTi) net-zero target validation, its Wuhan manufacturing base obtained the ICT industry’s first zero-carbon factory certificate, while its Tianjin industrial park completed a pilot project that met the ICT industry’s zero-carbon factory standard. As the “National Green Factory”, Levima Advanced Materials has improved self-sufficiency in terms of core raw materials in the photovoltaic industry, and landed its new biodegradable material PPC project. In addition, a number of portfolio companies of Legend Holdings have also helped to achieve the goal of carbon peak and carbon neutrality through green finance.

In addition, the public welfare program “Legend Star Entrepreneurial CEO Training Course” established by the company in 2008 has trained more than 1,000 innovative and entrepreneurial talents, and 50 of the enterprises founded by the trainees have been successfully listed and 73 have been selected as national specialized and innovative enterprises.

Grasping the opportunities of the times and working hard to make contributions to high-quality development

In 2023, Legend Holdings will continue to actively improve asset quality and solidify business fundamentals through substantive investment management and services. Focusing on the long-term development, it will improve the business to position it for steady growth. In the industrial incubations and investments segment, technological innovation remains a key area. While safeguarding against potential volatility in the capital markets, the company will be creative and strive to discover new values. At the same time, the company will also take a positive attitude and innovative approaches to further adjust its business portfolio, realize returns, and find new opportunities for strategic layout, especially in the field of science and technology innovation. Meanwhile, it will further optimize the organization development, increase the introduction of scientific and technological talents, and improve and enhance the human resource structure.

Despite the evolving international situation, China’s long-term positive fundamentals will not change, and Legend Holdings’ prospects are promising in deploying the country’s major strategic initiatives. The company will closely follow the national strategy of achieving high-quality development driven by technological innovation, carry out “Industrial operations and technological innovation”, and continue to fulfill the corporate social responsibility at a strategic level, advancing the ESG work in the system.

Mr. Ning Min, Chairman and Executive Director of Legend Holdings, said that in 2022, facing the great uncertainties and challenges brought about by global changes, Legend Holdings, while consolidating its business fundamentals, insisted on strengthening investments in science and technology innovation and promoting the development of real economy, to overcome difficulties with toughness and ride out the storm, further consolidating the foundation for long-term corporate development. 2023 is the opening year of the comprehensive implementation of the spirit of the 20th National Congress of the Chinese Communist Party. With the successful convening of the Central Economic Work Conference and the gradual emergence of the effects of various policies, China’s economy once again is enjoying a broader space for development. Legend Holdings will work together to seize the opportunity, continue to give full play to the enthusiasm and creativity of all employees, adhere to innovation orientation, promote industrial upgrading, work hard, actively participate in the overall high-quality national development, and continuously contribute to the construction of Chinese path to modernization.

Topic: Press release summary

Sectors: Daily Finance, Daily News


From the Asia Corporate News Network

Copyright © 2023 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

Bloomberg to expand EU Women in Finance initiative to keep inspiring the next generation

Brussels – WEBWIRE

Bloomberg today announced the expansion of theEU Women in Financeinitiative, following a successful first year. Launched in 2022, the initiative aims to open up and demystify the world of financial markets to young women, and inspire and empower them to pursue and advance careers in finance. It is the first pan-European programme offering dedicated training on capital markets and the opportunity to learn from female leaders shaping financial services in Europe. In 2023, the initiative will expand to Ireland, Poland, and Switzerland, bringing the total of participating countries to nine, including Belgium, France, Germany, Italy, Netherlands, and Spain.

In collaboration with Junior Achievement Europe, one of the worlds leading educational NGOs, the initiative offers high-school and college students an introduction to financial markets using a bespoke curriculum developed by Bloomberg. Participants learn from senior leaders in the finance ecosystem, including banking executives, investors, policymakers, central bankers, and regulators. In its first year, the initiative mentored close to 300 students. This year, that number will increase to 450.

Bloombergs Chairman Peter T. Grauer said: Women remain dramatically underrepresented in senior leadership positions across the industry. By offering access to some of the leading voices shaping finance across the EU, the Bloomberg EU Women in Finance initiative will not only encourage more young women to participate in the industry, but to inspire them to be the future finance leaders of tomorrow.

Mairead McGuinness, European Commissioner for Financial Stability, Financial Services and the Capital Markets Union, said:While there has been a welcome increase in the number of women in leadership roles in finance in recent years, much work remains to be done. Finance, particularly at management level, continues to be male dominated. This is not just about women in top jobs; we must do more to encourage women to consider finance as a career and support women at all levels in the sector. Im delighted to continue my involvement with the EU Women in Finance initiative and help make finance more diverse and inclusive for the ultimate benefit of the sector and the people it serves.

Magdalena Rzeczkowska, Minister of Finance, Polandsaid:The EU Women in Finance Initiative not only inspires other women to reach for their dreams and goals but allows aspirational students to learn from inspirational female leaders shaping the future of financial services in the EU.Initiatives like EU Women in Finance offer us an opportunity to discuss what is necessary to improve the situation, to level the playing field and increase the number of women in leadership roles in finance. Building diverse teams is just one part of the equation. We also need to create an inclusive culture in which employees, in all their diversity, feel valued and respected, and all employees feel empowered to contribute. Inclusiveness is a leadership skill that must be developed. When we do it right, this is what works best for businesses and communities.

The initiative aligns with the European Commissions objectives set out in its Gender Equality Strategy 2020-2025. This initiative specifically supports the Commissions strategy of promoting vocational education and training in order to promote equal opportunity.

The EU Women in Finance initiative forms part of Bloombergs global Corporate Philanthropy program working with a network of non-profit partners to ensure more individuals from underserved communities have the relevant skills and experience for employment and entrepreneurship; supporting global efforts to make the worlds economy fairer and more inclusive for all. Find out morehere.

Ana Botin, Executive Chair, Santander said:I long for the day when we no longer need a Women in Finance initiative. Weve made a lot of progress in helping more women get up and get on in finance, but theres still much more to do. Inspiring more women to choose a career in finance is critical, as well as supporting better work-life balance, encouraging women back to work after they have had children, and exhorting women to apply for promotions. These are just some of the things we can still do better at. Until we make further progress, I will do all I can to support initiatives like this.

Evelyn Bourke, Non-executive director at the Bank of Ireland said:Im delighted to join Bloombergs EU Women in Finance initiative as an Ambassador for Ireland. The importance of promoting gender diversity, and empowering the next generation of women to advance their careers in finance, is something I strongly believe in. This benefits us all individuals, firms, and the sector as a whole. It also contributes to building a more inclusive and progressive society.

Thuy-Tien Glck, Head of Corporate Sustainability, HSBC Continental Europesaid:

I am very honored and grateful to be an ambassador for Bloombergs EU Women in Finance initiative. Women have a decisive role to play in the performance of businesses. It is therefore essential to support the development of young women, to offer them career paths where they can fulfill their full potential and thus take their place at all levels of the company, including and especially in decision-making bodies. Europe needs all these energies and ambitions to move towards a resilient and inclusive economy. The EU Women in Finance initiative is an important lever for supporting this vital momentum.

Prof. Danuta Hbner, Member of the European Parliament, Poland, said:Data show quite clearly that the overall number of women in the financial sector has steadily increased over the past few years. Yet, in the top management positions, the financial services industry remain overwhelmingly a male-dominated affair, and the gender pay gap remains significant. Progress, though slow, is happening and it needs to permeate all levels of society. We need to encourage and prepare the future generation of women to approach the world of finance not as an exclusive club, but as an environment where their work is respected and their worth recognised.

Magdalena Zmitrowicz, Vice Chair, Bank Pekao S.A. said:Bloomberg EU Women in Finance initiative is highly important for all women because it keeps inspiring a future generation. For me, it is a privilege to be an Ambassador of this initiative. I am delighted to present an example of how to build a long-term strategy and engage more women to take responsibility for their careers in the financial industry. In my opinion, the companies which have more diversified decision-making positions achieve better results. Women should build confidence in themselves and not be afraid to apply for higher positions.

Junior Achievement Europe CEO Salvatore Nigro said:Talent is universal, but opportunities are not. Initiatives such as EU Women in Finance show young girls that there is no limit to their dreams and ambition, that all sectors and positions are accessible to them. Thanks to this initiative with Bloomberg, we are creating a more diverse future of work and a more equitable society.

The full list of ambassadors include:

  • Ana Botn, Executive Chairman, Grupo Santander
  • Evelyn Bourke, Non-executive Director, Bank of Ireland
  • Nadia Calvio, First Vice-President of Spain, Minister for Economy and Digitalisation
  • Elena Carletti, Professor of Finance, Bocconi University, Member of the Board of Directors and Chair of the Internal Control and Risk Committee, Unicredit Spa
  • Natasha Cazenave, Executive Director, ESMA
  • Thuy-Tien Glck, Head of Corporate Sustainability, HSBC Continental Europe
  • Petra Hielkema, Chairperson, EIOPA
  • Prof. Danuta Hbner, Member of the European Parliament, Poland
  • Katja Lammert, Member of the Board of Management, MEAG
  • Virginie Maisonneuve, Global CIO Equities, Managing Director, Allianz Global Investors
  • Dr. Sabine Mauderer, Member of the Executive Board of the Deutsche Bundesbank
    Mairead McGuinness, European Commissioner for Financial Stability, Financial Services and the Capital Markets Union
  • Bettina Orlopp, CFO, Commerzbank
  • Magdalena Rzeczkowska, Minister of Finance, Poland
  • Irene Tinagli, Chair, Economic and Monetary Affairs Committee, European Parliament
  • Anneka Treon, Chief Economist, Van Lanschot Kempen
  • Magdalena Zmitrowicz, Vice Chair, Bank Pekao S.A

Bloomberg has partnered with 2023 Nobel Peace Prize nominated NGO Junior Achievement since 1997. In the last four years, over 1,000 Bloomberg employees across nearly 50 cities have dedicating their time and talents to support their work. The EU Women in Finance initiative forms part of Bloombergs global Corporate Philanthropy program working with a network of non-profit partners to ensure more individuals from underserved communities have the relevant skills and experience for employment and entrepreneurship; supporting global efforts to make the worlds economy fairer and more inclusive for all.

About Bloomberg

Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The companys strength delivering data, news and analytics through innovative technology, quickly and accurately is at the core of the Bloomberg Terminal. Bloombergs enterprise solutions build on the companys core strength: leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. For more information, visit Bloomberg.com/company

About Junior Achievement Europe

JA Europeis the largest and leading organisation in Europe dedicated to inspire and prepare young people to succeed. For over 100 years, JA Worldwide has delivered hands-on, experiential learning in entrepreneurship, work readiness and financial health. In the last school year, the JA Europe network provided over 6.6 million learning experiences for youth in online, in person and blended formats.

Japan – NEC and Red Hat Expand Global Collaboration to Drive IT Modernization and Digital Transformation

NEC Corporation and Red Hat, Inc., the world’s leading provider of open source solutions, today announced an expanded global collaboration to drive IT modernization and digital transformation on Red Hat OpenShift. NEC now recognizes Red Hat OpenShift, the industry’s leading enterprise Kubernetes platform, as its preferred container platform for mission-critical applications, and this expansion will strengthen the technical cooperation between the two companies in this area, including the formation of a Center of Excellence and joint technology development.

NEC was recently announced as a Red Hat Premier Business Partner and was the first certified partner to support Red Hat OpenShift in Japan. Since then, NEC has emphasized helping customers to deploy and operate solutions on container applications, including Red Hat OpenShift(1).

Building on a longstanding relationship, the two companies plan to deliver solutions using Red Hat OpenShift to support NEC offerings such as core DX, global 5G, digital finance and digital government to customers globally. Red Hat OpenShift provides a more consistent, powerful container platform to help organizations build, deploy and run applications across IT environments, whether on-premises, in the cloud or at the edge. In combination with NEC’s portfolio of solutions, customers can more effectively manage hybrid cloud, multicloud and edge deployments to meet their business needs and scale into the future.

NEC and Red Hat are working together in the following areas to deliver greater support for global enterprise transformation:

Collaborative Center of Excellence

NEC and Red Hat will organize a joint technical support system (collaborative Center of Excellence) consisting of more than 100 personnel from both companies, mainly architects who are familiar with container technology and Red Hat products, so that customers can use NEC’s solutions together with Red Hat OpenShift with confidence. The two companies will contribute to improving the quality and reliability of customers’ IT system infrastructure and applications by consistently providing best practices in system design, technical support, and evaluation environments for deploying each solution. This will be the first Center of Excellence of its kind jointly offered by Red Hat and a Red Hat Premier Business Partner in Japan and one of the largest in Asia.

Joint technology development

NEC and Red Hat will strengthen joint engineering activities, including Kubernetes community collaboration(2) and co-located global engineering resources in order to expand NEC’s solutions with Red Hat OpenShift. With deeper technical collaboration, the companies intend to cooperate in providing end-to-end solutions with Red Hat OpenShift that reflect the requirements of mission-critical applications, such as improved availability and operational continuity and support services for mission-critical areas that can more quickly resolve customers’ technical issues.

Supported by the above initiatives, NEC and Red Hat will develop a global market development strategy to accelerate the deployment of core DX, global 5G, and solutions for key industries such as digital finance and digital government. NEC and Red Hat look forward to expanding this collaboration for the greater benefit of domestic and international customers in these key industries.

Supporting Quotes

Matt Hicks, president and chief executive officer, Red Hat

“As global enterprises use increasingly more complex systems and workloads to meet dynamic market demands, the need for abstraction and simplicity across their IT footprints becomes clear. Our expanded collaboration with NEC focuses on simplifying a broad range of transformative enterprise initiatives by delivering solutions built on a single, standardized, innovation platform in Red Hat OpenShift. With Red Hat’s hybrid cloud expertise and NEC’s skill in delivering industry-specific solutions, we’re providing our joint customers with the capabilities they need to fully evolve into digital enterprises, without miring them in complexity.”

Takayuki Morita, president and chief executive officer, NEC

“We are very pleased to announce the strengthening of our strategic collaboration with Red Hat globally. Through this collaboration, NEC will adopt Red Hat OpenShift as our container platform of choice to provide solutions to government and enterprise customers who are making the digital shift by linking them with NEC’s solutions for core DX, 5G, digital finance, and digital government, which are NEC’s business areas of focus. Together with Red Hat, we are confident that we can lead the expansion and success of a wide range of customers’ businesses.”

(1) NEC becomes the first Red Hat Certified Partner in Japan to offer support for the Red Hat OpenShift Container Platform
https://jpn.nec.com/press/201702/20170215_01.html (Japanese text)
(2) The Kubernetes community (developer community) that develops Kubernetes holds the values of “decentralized over centralized,” “community over product or company,” “process automation,” “inclusive over exclusive,” and “evolution over stagnation,” which have been key to the ongoing success of the project. The governance approach to putting this into practice is the Community Group.

About Red Hat

Red Hat is the world’s leading provider of enterprise open source software solutions, using a community-powered approach to deliver reliable and high-performing Linux, hybrid cloud, container, and Kubernetes technologies. Red Hat helps customers integrate new and existing IT applications, develop cloud-native applications, standardize on our industry-leading operating system, and automate, secure, and manage complex environments. Award-winning support, training, and consulting services make Red Hat a trusted adviser to the Fortune 500. As a strategic partner to cloud providers, system integrators, application vendors, customers, and open source communities, Red Hat can help organizations prepare for the digital future.

Red Hat, Red Hat Enterprise Linux, the Red Hat logo and OpenShift are trademarks or registered trademarks of Red Hat, Inc. or its subsidiaries in the U.S. and other countries.

About NEC Corporation

NEC Corporation has established itself as a leader in the integration of IT and network technologies while promoting the brand statement of “Orchestrating a brighter world.” NEC enables businesses and communities to adapt to rapid changes taking place in both society and the market as it provides for the social values of safety, security, fairness and efficiency to promote a more sustainable world where everyone has the chance to reach their full potential. For more information, visit NEC at www.nec.com.

For more information, visit www.nec.com/en/press/202209/global_20220929_01.html.

Sectors: Cloud & Enterprise

Copyright ©2022 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Japan – MHI to Expand the MHIAEL Nagasaki Plant for Manufacture of Aircraft Engine Combustors

Mitsubishi Heavy Industries, Ltd. (MHI) has decided to expand Mitsubishi Heavy Industries Aero Engines, Ltd. (MHIAEL) Nagasaki Plant, an aircraft engine component factory located in MHI’s Nagasaki Shipyard & Machinery Works. Demand for engine components for short and medium range commercial aircraft manufactured at this plant is expected to increase further in the near future. The expansion will further strengthen its in-house production capacity and cost competitiveness and put in place a structure that will allow MHIAEL to meet industry needs readily and accurately once growth resumes in the post-Covid era. The expansion is scheduled for completion in March 2024.

Image of expanded MHIAEL Nagasaki Plant

The existing production plant manufactures combustors for the PW1100G-JM engines which powers the Airbus A320neo family. Since the start of its operations in November 2020, production has gradually increased and currently all production lines are operating near the planned capacity. The Covid-19 pandemic has caused sharp demand decrease in the aviation industry, however business relating to short and medium range commercial aircrafts used on domestic routes has been seeing a quick recovery. Aircraft flying hours of the Airbus A320neo family has already exceeded its pre-Covid level.

Airbus plans to gradually increase production of the A320neo in response to robust demand for narrow-body aircraft. Concurrently, demand for combustor components for the PW1100G-JM engines, as well as after-sales service, is expected to double over the next several years. This additional round of investment to build a second facility adjacent to the existing factory will nearly double the size of the plant, to around 11,000m2 from the current level of 5,400m2. In addition, the new facility will allow MHIAEL to incorporate certain manufacturing processes currently contracted out to overseas suppliers to achieve a fully integrated manufacturing for combustors, as well as reinforce its manufacturing facilities to support significant production ramp-up.

The MHIAEL Nagasaki Plant is a factory specialized in manufacturing combustors, which is one of core components of an aircraft engine, and the first full-fledged aircraft component factory in the Kyushu region. The plant has production lines which can handle fully integrated operations, from receipt of materials to machining and assembly. To achieve the high degree of precision and quality required for aircraft engine components, MHIAEL has introduced automation and labor-saving technologies such as cutting-edge machine tools, and automated conveyance and tool changing systems. The company also applies and utilizes IoT (Internet of Things), AI (Artificial Intelligence), and other technologies cultivated at its main mother factory in Komaki, Aichi Prefecture, to ensure an aircraft engine components factory with world-class levels of productivity and efficiency.

MHI Group, in anticipation of an increase in long-term demand for commercial aircraft engines worldwide, is expanding its business and production structure for aircraft engines, and this factory expansion plan is a part of such effort. The group is also actively working to bolster its maintenance, repair and overhaul (MRO) business for commercial aircraft engines and is steadily progressing to expand its MRO business portfolio at MHIAEL’s main site in Komaki.

Going forward, MHI will work in close cooperation with MHIAEL to enhance technological capabilities and reliability for the development, manufacture, and after-sales service of aircraft engines, as well as expand production capabilities, and contribute to the advancement of Japan’s aircraft industry.

About MHI Group

Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, logistics & infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.

Copyright ©2022 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

AVTA to expand its fleet of BYD electric buses

BYD announced it will build eight K9M battery-electric 40-foot buses for the Antelope Valley Transit Authority, expanding the largest all-electric bus fleet in the nation.

AVTA, which serves northern Los Angeles County and portions of southern Kern County, was the first transit agency in North America to go 100% battery-electric. Since making the decision to go all-electric in 2016, AVTA has put 65 BYD zero-emission buses into revenue service.

“By combining groundbreaking BYD electric bus technology with wireless inductive charging technology, AVTA’s innovative bus project is the first of its kind in the nation,” said Marvin Crist, AVTA’s board chairman and Vice Mayor of the City of Lancaster. “AVTA’s zero-emission fleet, the first in the nation, accumulated six million service miles, saving 1.5 million gallons of diesel fuel and cutting 35.6 million pounds of CO2 and 112,000 pounds of particulate matter.”

The battery-electric, zero-emission K9M has 37+1 seats, a range of 155 miles, and can be rapidly charged in 2 to 3 hours.

“We are excited to be able to make this announcement during the annual APTA conference in Orlando. BYD is proud to partner with AVTA, a pioneer in battery-electric bus transportation in the United States,” said Patrick Duan, BYD North America Senior Vice President. “The AVTA continues to shows transit agencies throughout California and the rest of the transportation industry how to transition from fossil fuels to zero-emission technology. These battery-electric buses will help keep Southern California’s air clean and at the same time provide customers with a quiet, comfortable ride.”

AVTA is buying the K9Ms through a State of Georgia statewide contract, which benefits local governments and transit agencies through the convenience and competitive pricing of pre-established contracts. BYD has also been selected as a vendor for transit buses and motor coaches in statewide contracts for California and New Mexico.

Visit BYD at Booth 3553 at APTA’s TRANSform Expo at the Orange County Convention Center in Orlando, Florida.  BYD showcasing six of its innovative and technologically superior American-Made battery electric buses at the expo: the 30-foot K7M-ER, the 35-foot K8M, the 40-foot K9M, and the 60-foot articulated K11M. Also on display are two BYD battery-electric motorcoach models, the 35-foot, double-deck C8MS and the 45-foot C10M.

BYD will have sales people and technicians on hand to present the vehicles and answer questions

About BYD

 The Official Sponsor of Mother Nature™, BYD, which stands for Build Your Dreams, is the world’s leading electric vehicle company with proven innovative technology for cars, buses, trucks, forklifts, and rail systems – like SkyRail. BYD is dedicated to creating a truly zero-emission ecosystem offering technology for solar electricity generation, energy storage to save that electricity, and battery-electric vehicles powered by that clean energy. Globally, BYD is committed to corporate social responsibility, monitoring our supply chain in terms of human rights, environmental safety, hazardous substance control and intellectual property rights. We select only suppliers who share our commitment to labor practices, human rights standards and the environment.

BYD has 220,000 employees across the globe, including nearly 1,000 in North America. For more information, please visit www.BYD.com or follow BYD on LinkedIn, Twitter, Facebook and YouTube.