Beiqi Foton Inks Deals with Shougang

On Apr. 21, 2009, Beiqi Foton, Shougang Group and Beijing Rural Commercial Bank signed an agreement for comprehensive strategic cooperation. In the meantime, Beiqi Foton and Shougang Group agreed to purchase steel products and vehicles from each other.

 

According to the new deal, Shougang will integrate its procurements of light-duty trucks, medium- and heavy-duty trucks, engineering vehicles, medium- and large-sized buses & coaches into its purchasing networks. Under same conditions, Shougang promises to purchase Foton series vehicle models by the first choice. In return, Foton will first choose steel and other auto parts & accessories produced by Shougang. According to sources, Foton will buy 1,000 tons of special steels used for vehicle manufacturing in the near future.

 

In the meantime, according to the agreement for the strategic cooperation between Foton and Beijing Rural Commercial Bank, the bank is to open credit green channel and further grant more favorable conditions for financing for the automaker. Moreover, it will offer individually tailored capital management service and related consulting services for Foton.

 

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