Helmar Franz (Photo: Haitian Group)

Demag Plastics Group (DPG, Schwaig / Germany; www.dpg.com) has confirmed rumours that it dissolved its 60:40 joint venture with leading Chinese injection moulding machinery manufacturer Ningo Haitian Group (Ningbo / China; www.haitian.com), Demag-Haitian Plastics Machinery on 31 December 2005 and took full control of the assets of the jv founded in 1998. On 1 January 2006, the company was renamed Demag Plastics Machinery (Ningbo). No financial details of the transaction, which is still subject to regulatory approval, have been revealed.

Also on 1 January, Helmar Franz, former chief executive officer of Demag Plastics, became executive vice president of Ningbo Haitian. Franz will be responsible for corporate strategic development, with an eye towards expanding the company´s position in the Chinese market. Haitian, which employs 2,000 people, had sales of more than USD 400m in 2004, with around USD 80m stemming from exports. It has a share of around 60% of the Chinese market for large injection moulding machines.