# Hagong Robot and Hyundai Heavy Industries form industrial robot joint venture in China

Hagong Intelligent Robot and Hyundai Heavy Industries signed a letter of intent to invest CNY200 million in a joint venture in China to produce and sell industrial robots. Hagong will hold 70% and Hyundai 30%.

- Type: Acquisition
- Announced: 2018-09-21
- Where: China
- Value: $29.1M (200.0M CNY)
- Status: announced
- Products: industrial robots
- Sectors: [Automation and Robotics](https://endata.com/sectors/automation-robotics.md)

## Companies

- [Hyundai Heavy Industries](https://endata.com/companies/1382.md) (partner)
- [Hagong Intelligent Robot](https://endata.com/companies/18170.md) (partner)

## Sources

- [www2.yicaiglobal.com](https://www2.yicaiglobal.com/news/china-hagong-robot-forms-jv-with-hyundai-heavy), 2018-09-21: "The pair has inked a letter of intent to invest a total of CNY200 million in the JV which will produce and sell industrial robots as well as provide after-sales services."
- [yicaiglobal.com](https://www.yicaiglobal.com/news/china-hagong-robot-forms-jv-with-hyundai-heavy), 2018-09-21: "The pair has inked a letter of intent to invest a total of CNY200 million in the JV which will produce and sell industrial robots as well as provide after-sales services."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.