China Knowledge reported that AVIC Heavy Machinery Co Ltd subsidiary AVIC Liyuan Hydraulic Co Ltd will team up with Caterpillar Inc, the world leading producer of bulldozers and excavators to set up 50:50 joint ventures at Wuxi in Jiangsu Province.

AVIC Heavy Machinery in a statement filed with the Shanghai Stock Exchange said that the JV will principally engaged in producing high pressure pump and motor products and in providing fitting components to Caterpillar and other third party machinery equipment vendors.

The statement said both parties have signed the joint venture operation agreement in Shanghai.

Caterpillar earlier this year said that it reached an agreement with Xuzhou Construction Machinery Group to take over Caterpillar Xuzhou Ltd JV between the two firms.

(Sourced from China Knowledge)