Shanghai Sunnen Products Company Ltd.

MIGA issued $2.7 million of insurance to Sunnen Products Company (SPC), a U.S. machine tool manufacturing company, against the risks of expropriation and war and civil disturbance. SPC's joint venture partners are two Chinese government-owned companies, Shanghai Huigao Industry and Beijing Cape Industries. The project enterprise, Shanghai Sunnen Products Corporation, will assemble and sell machine tools and related products, including abrasives and lubricants. The project will also develop an automobile maintenance and rebuilding business within the first five years of operation.

SPC will help design and construct the factory and engineering facility, handle international procurement of advanced machinery and equipment, and train management and technical personnel. The enterprise will directly create 40 jobs, and will mainly use local manufacturing equipment, contractors, and other support services, which is expected to stimulate the local economy.