On April 11, 2014, Greene announced that the company had signed an agreement with Mitsui & Co., Ltd. (hereinafter referred to as Mitsui Tokyo) and HONEST Co., Ltd. to enter the auto parts remanufacturing business.
It is reported that all parties will conduct comprehensive cooperation in technology, capital, and resources, and use Wuhan, China as a base to jointly promote the remanufacturing of auto parts and build an international advanced auto parts remanufacturing industry system.
Greene said that Mitsui Tokyo is one of the world's largest integrated trading companies, and the company will work with Mitsui Tokyo to open the road to join hands with the world's giants to build a recycling industry. HONEST is a leading company in the field of automobile parts remanufacturing in Japan. The signing of the letter of intent on cooperation can effectively open up the scrapped automobile industry chain from the comprehensive utilization of Greene’s scrapped automobiles to the remanufacturing of auto parts and enhance the profitability and core competitiveness of the Green American scrapped automotive industry chain.
Recently, many brokerages have been optimistic about Greene's end-of-life vehicle recycling business, and optimistically expect that this business will become the main source of growth in its interim results. Guotai Junan Research reported that the number of GEM's home appliance dismantling is expected to increase significantly this year. At the end of 2013, the two Glime subsidiaries received government dismantling subsidy qualifications, and their home appliances dismantling began to inflate. It is estimated that more than 5.5 million units will be dismantled in 2014, far exceeding the 2 million units in 2013.
In the automotive dismantling field, the Fengcheng base in Jiangxi has begun small-scale production in the three automobile dismantling bases at Greentech, and the Wuhan Yangluo base is expected to be commissioned in mid-2014, and the Tianjin base will be built. Guotai Junan expects that Greene will dismantle 5,000 cars in 2014. With the rapid growth of automobile sales in China, dismantling of scrapped automobiles will gradually develop into a blue ocean market.
"Daily Economic News" reporter noted that currently there are limited listed companies entering the field of end-of-life vehicle disposal. Although the business of Greentech is still in the overall layout and construction stage. However, it is expected that the concentration of production capacity will be released in the next two years. After the three major scrap automobile processing bases in Jiangxi, Wuhan, and Tianjin are all put into operation, the processing volume is expected to reach 450,000 tons.
Article Original title: Greene teamed up with Mitsui to build an auto parts recycling system
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