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Fushi International, Inc. (NasdaqGM: FSIN) is the largest
domestic manufacturer and supplier of bimetallic composite
products in the People's Republic of China.
Fushi International, through its wholly owned subsidiary,
Fushi International (Dalian), manufactures bimetallic
composite wire products, principally copper clad aluminum
wires ("CCA") and copper clad steel ("CCS").
CCA, the company's core product, combines the conductivity
and corrosion resistance of copper with the light weight
and relatively low cost of aluminum. It is a cost-effective
substitute for single copper wire in a wide variety
of applications such as coaxial cable for cable television
(CATV), signal transmission lines for telecommunication
networks, distribution lines for electricity, wire components
for electronic instruments and devices.
http://usstock.jrj.com.cn/news/2007-11-26/000002975203.html
Copperweld
to Expand Product Line
http://www.jrj.com
2007-11-26 22:08
FAYETTEVILLE, Tenn., Nov. 26 /Xinhua-PRNewswire-FirstCall/
-- Fushi International Inc. (Nasdaq: FSIN - News), the
leading global manufacturer of bimetallic wire used
in a variety of telecommunication, automotive, utility
and other industrial products, today announced that
the company will invest approximately $3.2 million (USD)
in new machinery for its Copperweld facility in Fayetteville,
Tenn.
The Tennessee operation is expected to serve as an
important contributor to Fushi''s future growth, and
has resulted in management''s investment in new machinery
for the plant just one month after finalizing the purchase
of American market leader Copperweld Bimetallics LLC.
The equipment will enable the drawing, bunching and
stranding of CCA (copper-clad aluminum) wire for the
rapidly growing energy sector. It will bolster Copperweld''s
ability to manufacture a wider array of finished goods
directly and allow them to discontinue outsourcing some
phases of their production to other companies.
''''By expanding our product line we will reverse some
of the value migration we have experienced here in years
past,'''' says Fushi COO Chris Finley, who oversees
worldwide manufacturing and sales for Fushi, including
Copperweld''s Fayetteville plant. ''''Fushi management
in China wants the Tennessee facility to grow its operation
and move further along the value- added supply chain.
Adding these new capabilities will make us a stronger
competitor and allow us to offer a more diverse product
line in a number of very important strategic markets.''''
Fushi''s facility in Dalian, China, specializes in
CCA and has developed the capability to draw bimetallic
wire down to diameters as small as 0.03 millimeters-
about one-fifth that of the average human hair. The
wire''s lightweight aluminum core is bonded to an outer
copper strip. The combination of the two metals has
unlimited potential in a range of applications, and
can compete in almost any sector where solid copper
wire is currently used, offering increased value and
flexibility with no sacrifice in performance.
''''The Copperweld brand has a long and strong history
in utility and telecommunications applications. We are
now preparing to add to our market share in energy applications
both here in America and globally, with customers as
varied as automotive suppliers, appliance companies
and electronics'' manufacturers, who use a variety of
wire constructions. We''re very pleased to be manufacturing
these exciting new products here in Fayetteville,''''
says Finley.
The new machinery, to be installed in the first quarter
and operational in the second quarter of 2008, is all
the more significant because its arrival so closely
follows a trade mission made by Tennessee Governor Phil
Bredesen to China, during which he met with Fushi leadership.
''''Fushi''s investment in Copperweld demonstrates their
commitment to ensuring the long-term operations in Fayetteville
are stable and ripe for future economic growth,''''
says Matt Kisber, commissioner of Tennessee''s Department
of Economic and Community Development. ''''I''m proud
that Fushi has seen the great potential in the people
of Fayetteville and am thankful for its continued investment
in Tennessee.''''
About Fushi International
Fushi International Inc. through its wholly-owned subsidiaries,
Fushi International (Dalian) Bimetallic Cable Co. Ltd.,
and Copperweld Bimetallics LLC, manufactures bimetallic
composite wire products, principally copper-clad aluminum
(CCA) and steel (CCS) wire. CCA and CCS offers greater
value relative to solid copper wire in a wide variety
of applications such as coaxial cable for cable television
and various video and data applications, signal transmission
lines for telecommunication networks, distribution lines
for electricity, electrical transformers, wire components
for electronic instruments and devices, utilities, appliances,
automotive, building wire and other industrial wires.
For more information on Fushi, visit the website: http://www.fushiinternational.com
.
Safe Harbor Statement
This press release may contain forward-looking statements
concerning Fushi International''s business and products.
The actual results may differ materially depending on
a number of risk factors including, but not limited
to, the following: general economic and business conditions,
development, shipment, market acceptance, additional
competition from existing and new competitors, changes
in technology, and various other factors beyond its
control. All forward-looking statements are expressly
qualified in their entirety by this Cautionary Statement
and the risks factors detailed in Fushi International''s
reports filed with the Securities and Exchange Commission.
Fushi International undertakes no duty to revise or
update any forward-looking statements to reflect events
or circumstances after the date of this release.
Mr.
Li Fu, CEO and Chairman of Fushi International, Inc.,
Rings the NASDAQ Opening Bell
Fushi Copperweld Inc. CFO and President Chris Wang
and CEO Fu Li joined two officials from the Nasdaq Stock
Exchange, State Commissioner of ECD, Matt Kisber, and
State Commissioner of Revenue, Reagan Farr for a bell-ringing
ceremony at the Nasdaq to welcome to company to trading
on the exchange. Fushi was first listed on the exchange
on August 31, 2007.
http://www.nasdaq.com/reference/200712/market_open_121907.stm
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