Sherwin-Williams, the largest paint company of the United States, has launched a joint venture for making car paint in Shanghai in cooperation with a local chemical company.  

Shanghai SW and KNT Coating Co., which was inaugurated last Friday, is jointly financed by Sherwin-Williams and Shanghai Kinlita Chemical Co. Ltd. It will require a total investment of US$8 million, said corporate sources.

In accordance with the agreement, the American investor is responsible for 60 percent of the investment in the joint venture, which is registered for a capital of 37 million yuan (about US$4.46 million), while the Chinese partner will pay the rest.

The new joint venture, which has a term of 50 years, will be equipped with advanced equipment and technologies imported from the United States and will also produce decorative accessories for automobiles.

(Xinhua News Agency April 5, 2004)