Dandong Xintai Electric Co., Ltd. (Xintai Electric) announced on Thursday that it has signed a binding Letter of Intent with TMC Italia S.p.A. (TMC). The Letter stipulates that Xintai Electric will acquire the fixed assets of the latter at a reasonable price, and that the two parties agree to form a strategic partnership to cooperate worldwide.
TMC is a leading cast resin transformer manufacturer in Europe and has built a worldwide presence.
XinTai Electric provides energy efficient power equipment and service solutions to be used in power transmission and distribution systems..
According to Xintai, the firm will become TMC ‘s first-selected vendor through this deal, which will boost exports of its raw materials and electric equipment products through TMC’s global sales network. The firm also expects to leverage TMC’s technological strength to improve its product quality and lower its production costs.