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Technology Stocks : Seagate Technology -- Ignore unavailable to you. Want to Upgrade?

To: fiberman who wrote (5500)	8/17/1998 10:54:00 PM
From: DJBEINO	Respond to of 7841

Seagate to increase China investments by 192 mln usd in 3-5 yrs MANILA (AFX-ASIA) - U.S.-based Seagate Technology Co plans to increase its investments in China by 192 mln usd over the next 3-5 years, Xinhua reported in a dispatch monitored here. The report said Seagate's Shenzhen operation, located in south China's Guangdong Province, will increase its investments in China from 20 mln usd to 122 mln, with the Wuxi company raising its investment from 30 mln usd to 120 mln. The Wuxi company is located in east China's Jiangsu Province. The funds will be earmarked for importing equipment and developing new products, the report said. The move is designed to transform Seagate's two China operations into major international hard disk manufacturers, it said. The two companies currently manufacture products for export. The Shenzhen company has exported 16 million hard disk drives, with sales approaching 2.1 bln usd, while the Wuxi company has exported 10 million drives valued at more than 97 mln usd since 1995, the report said. The Shenzhen company ranks first amongst foreign-funded companies in China, with 1997 exports of 1 bln usd, with the Wuxi venture ranking fourth with exports of over 567 mln usd, the report said.