Wetown Electric Group

Wetown Electric (威腾电气) announced it will form a joint venture with ABB to develop, produce and sell low-voltage busway products. The JV will have registered capital of CNY 80 million, with Wetown holding 51% and ABB 49%.

ABB completed its acquisition of SEAM Group, which will join ABB’s Electrification Service division.

Wetown Electric Group Co., Ltd. (688226.SH) announced it will use 80 million yuan of raised funds to increase capital in its wholly-owned subsidiary Wetown Electric Power, for the project 'Annual output of 2,000 sets of intelligent medium-voltage switchgear and 63,000 smart low-voltage electrical appliances'.