Antonio Maccaferri, president of Samputensili S.p.A. and Yang Jinchang, president of Shanghai Tool Works Co. Ltd. announced a joint venture agreement. According to Samputensili's press release, the joint venture will be named SU Shanghai Machine Tools & Co. Ltd. and will operate in Shanghai. The new company is owned 60% by Samputensili S.p.A and 40% by Shanghai Tool Works Ltd. Mirko Ramponi has been appointed General Manager of the joint venture. Ramponi has had experience in Asian production and sales. The two companies aim to manufacture and distribute gear cutting tools and services to the Chinese market.