China

China

Hyundai to open turbine factory in China

CHINA: Hyundai Heavy Industries, the global shipbuilding giant, says it expects to generate sales of $300 million a year by 2015 from a new wind turbine factory in China.

The plant, in Shandong province, will open for business next month. Expectations are of a turnover of $50 million in its first year of operation.

"China is a market you can't ignore," said Kim Kwean Tae, head of low-carbon business at Hyundai, adding that the company may also make acquisitions to boost its solar-power business.

Hyundai says its aim is to diversify beyond shipbuilding into low carbon energy equipment manufacturing.

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