Oki Electric Cable announced on Wednesday the firm established a new subsidiary in Changshu, Jiangsu in China to produce electro discharge machine (EDM) brass wire. The subsidiary will start production on 31 January. Oki Electric Cable has operated another subsidiary in Xiamen, China to produce and sell EDM wire, which is a joint venture with Taiwanese maker. The firm transfers productive facilities from Xiamen to the new subsidiary and Xiamen site will focus in the sales function.The capital for the new subsidiary is US$ 1.5 million. The new subsidiary will supply EDM wire for offshore markets other than Japan which aims annual sales at 1 billion yen. The transfer of productive facilities from Xiamen is expected to finish in next 3 months. The recycling business of used EDM wire will also be transferred to the new subsidiary which Xiamen site started in December 2007.Oki Electric Cable has produced EDM wire at Okaya plant in Nagano Prefecture, Japan and Xiamen plant so far. The firm plans to operate Okaya and Jiangsu plants as the productive sites and Xiamen affiliate as a sales office. Oki Electric Cable sold EDM wire at 2,600 tonnes per annum in fiscal 2006 ended March 2007, 35% of which was for Japanese market, 35% for USA and 30% for other areas such as EU and Asia.
Japan Steel Scrap Composite Prices (Sangyo Press)
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