BEIJING – US companies, from chip giant Qualcomm to aircraft maker Boeing, are announcing a slew of deals during US President Donald Trump’s visit to Beijing that could be valued as much as $250 billion. Some, though, have been long in the pipeline and many are non-binding.
Below is a summary of the announced deals:
• The state of West Virginia’s commerce department said China Energy Investment Corporation Limited plans to invest $83.7 billion in shale gas development and chemical manufacturing projects in the state.
• China’s top state oil major Sinopec, Bank Of China and China Investment Corp agreed to help develop Alaska’s liquefied natural gas sector. Alaska Gasoline Development Corp signed a deal with the Chinese companies worth up to $43 billion and which could create up to 12,000 American jobs during construction.
• Boeing Co signed a $37 billion deal to sell 260 Boeing B-737s, 40 B787s and B777s to China Aviation Supplies Holding Co. Boeing said the sales would be at list prices. Analysts said some of the orders may be among the more than 300 from undisclosed buyers posted this year and it was not yet clear how much of the China deal would be entirely new business.
• General Electric Co signed three commercial deals with Chinese partners worth a total of $3.5 billion.
• Qualcomm signed three non-binding agreements to sell $12 billion of semiconductors to Xiaomi, Oppo and Vivo over the next three years.
• Ford Motor and China’s Anhui Zotye Automobile have agreed to invest a combined $756 million to set up a 50-50 joint venture in China to build electric passenger vehicles.
• Goldman Sachs & Co and CIC announced a strategic agreement to establish a China and United States industrial cooperation fund. The fund will target $5 billion in commitments to invest in US companies in the manufacturing, industrial, consumer and healthcare industries that have or can develop China business connections.
• The United States soybean industry has signed letters of intent worth $5 billion with Chinese importers covering the purchase of an additional 12 million tonnes of soybeans in the 2017/18 marketing year.
• Air Products and Chemicals signed an agreement with Yankuang Group for a $3.5 bln coal-to-syngas production facility in China.
• JD.Com Inc said it would purchase more than $2 billion of US agriculture and food products over next three years, including at least $1.2 billion of beef from Montana Stock Growers Association and pork from Smithfield Foods Inc..
• Bell Helicopter, part of Textron Inc, reached a deal to sell 50 additional Bell 505 helicopters to Reignwood International, with Reignwood also being named the exclusive reseller for the Bell 505 in China.
• Terex Utilities Inc. and Xuzhou Handler Special Vehicle signed a strategic letter of intent for Xuzhou Handler to purchase 5,000 insulated aerial devices from Terex over five years worth $250 million.
• Viroment signed an agreement with Hangzhou Iron and Steel worth $800 million addressing textile and sewage sludges for over 800 plants. Viroment also signed a $100 million agreement with Guangye Guangdong Environmental Protection Group to address sewage sludge solids disposal requirements in South China.
• Honeywell said it signed agreements with Oriental Energy to adopt Honeywell products for projects to convert propane into propylene and with Spring Airlines to use Honeywell cockpit technologies and auxiliary power units in aircraft.
• Dow Chemical Co and Shanghai-based bike-sharing firm Mobike signed a memorandum of understanding to develop lighter-weight and more environmentally-friendly Mobikes.
* Drylet LLC agreed to form a joint venture with Nanjing Hoyo Municipal Utilities Investment and Administration for wastewater treatment in China. Hoyo Municipal Utilities Investment and Administration will also become an equity investor in Drylet.
* Software company SAS signed a cooperation agreement with Shenzhen Zhenghong Technology to establish the Big Data Innovation Center for Smart Manufacturing in Shenzhen.
* Caterpillar, Inc. and China Energy Investment Corporation signed a five-year strategic cooperative framework agreement covering future agreements for mining equipment sales and rentals, technology applications and product support.