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June 20, 2005

MAN B&W and CSIC deepen their

The MAN B&W Diesel Group and the China Shipbuilding Industry Corporation (CSIC) have agreed upon comprehensive cooperation on development and production of large diesel engines. The frame agreement, recently signed in Munich, also provides for close cooperation in the purchase and production of components, personnel training and license production of MAN B&W turbochargers,

"This agreement will deepen and extend our cooperation." said Hakan Samuelsson, Executive Board Chairman of the MAN Group, when signing the contract. "The projected further development of our collaboration offers new potentials both for MAN B&W Diesel and CSIC in order to jointly and efficiently operate in the growing vessel building market to the mutual benefit of both parties."

Li Changyin, CSIC President, noted: "With MAN B&W, we gained an excellent partner worldwide rich in experience with regard to the development and manufacture of large diesel engines."

CSIC already holds licences for the manufacture of MAN B&W two-stroke and medium-speed four-stroke engines. The frame agreement which has now been signed comprises a closer technical cooperation covering all engine types. Also in the future, large MAN B&W medium-speed engines as well as radial and axial turbochargers will be license-built by CSIC and its associated companies.

In addition, CSIC will be supported by MAN B&W in the establishment of its own crankshaft manufacturing site in China.

A further target of the two companies is the achievement of considerable synergy effects via a joint production and purchasing volume.

It is planned to jointly procure and produce engine parts in China.

CSIC is China's largest ship building company and leading supplier of vessels. The group comprises 47 industrial companies, 28 research centers and a further 15 business units, with 160 000 employees in 20 provinces and towns .

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