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Bundy wins in China

ABINGDON, OXON, UK, June 1, 1999 - Bundy, leading fluid carrying specialist to the automotive and refrigeration industries and part of TI Group plc, has won two awards in recognition of its investment in new technology in its Chinese operations.

This makes Bundy's Wuhan plant one of the first eight enterprises in the Wuhan Economic and Technological Development Zone (WEDZ) to be awarded the status of Hi and New Tech Enterprise (HNE).

WEDZ is a state-level development zone close to Wuhan City. Built in 1991 the main focus for development is within the automotive and high-tech industries. Having already passed the WEDZ Advanced Technology Enterprise audit, the awards help reinforce Bundy's reputation with customers and local government. The company will now also benefit from reduced income tax, land occupancy fees and administrative charges.

In addition, the Wuhan satellite has also been named 'Excellent Unit in Achieving '98 Economic Objectives' by WEDZ due to its outstanding performance. Commenting on the good news Roger Zhou, general manager at Bundy's Wuhan satellite said: "Bundy was one of the first companies to move into the Chinese market over fifteen years ago. Since then we have built strong foundations for the future. China is eighth in the world in terms of vehicle production and has the opportunity to surpass Germany in the next 10 years, which gives the market massive growth potential for Bundy. We are putting a significant amount of investment into the country which has already seen an 800% increase in automotive output since 1985."

Zhou continues: "Winning accreditations such as this helps us to establish ourselves further in what is set to become one of the most prominent automotive markets in the world."

Bundy's Wuhan satellite is dedicated to supplying DongFeng Citröen Automobile Corporation.

For further information please contact Liz Hauxwell, Communications Manager, Bundy Group, +44 1235 705048

Bundy Group. UK,
Phone: +44 1235 705048

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