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 SAINT-GOBAIN’S PIPE DIVISION TO SIGN A JOINT-VENTURE AGREEMENT IN CHINA On November 29, 2002, Saint-Gobain’s Pipe Division signed a joint-venture agreement with the Chinese company Xuzhou General Iron and Steel, based in Xuzhou in the Province of Jiangsu (capital: Nanking). The resulting company will manufacture and sell ductile iron pipes in the 300- to 1000-mm range, thereby broadening the Group’s position in a growing market. With a 75% share in the company, the Pipe Division will be the majority partner. The agreement will take effect after approval by the appropriate Chinese authorities. Evidence of Saint-Gobain’s recent expansion in China, the joint venture will boost the Pipe Division to the number-two position in the Chinese market. Via this agreement, the Saint-Gobain Pipe Division achieves a major strategic goal of developing its presence in emerging markets and strengthens its world leadership in ductile iron pipes. December 2nd, 2002.  |
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