Taiwan Fastener Makers Form Alliance with China Steel
Taiwan Fastener Makers Form Alliance with China Steel
Jason Sandefur
Taiwan fastener manufacturers are forming an alliance with China Steel Corp. and the Metal Industries Research and Development Center to improve marketing for their automotive fasteners. Taiwan Economic News reports the joint effort will begin in September, with five member companies forming a new marketing enterprise called the Global Fastener Solution Institute.
China Steel has pledged to contribute up to NT$200 million (US$6 million) for research and development. The company also hopes to introduce new fastener materials by 2006.
Organizers hope the collective strength of the new alliance, which could total 1,000 members, will boost Taiwan’s share of the $6.5 billion global automotive fastener market. Taiwan Economic News estimates that Taiwan currently contributes about 15% of global fastener output, manufacturing about 1.5 million metric tons of fasteners annually. In contrast, Chinese companies manufacture about 3 million metric tons per year.
Taiwan Industrial Fastener Institute chairman John Wu urged manufacturers to increase product upgrades. “If we fail to upgrade our products soon, the mainland will deal us a heavy blow in international markets,”” Wu warned. �2004 FastenerNews.com
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