Bogey - Your China JV post has some speculation which misses the mark:
"I feel the China JV as we knew it is dead." - Most true. It was dead last fall and communicated by Benton at the 2005 SH mtg. For sure BB will be involved in whatever transpires now. For sure we know BW wants more control, more % of profit, and less $$ paid out to Chinese.
"But wait, here comes Brian Brittsan to the rescue..." - Not true. JV decision was made last fall before BB was with company.
"They call every week asking for machines and uncooked core and Benton apologizes and tells them no he can sell them core or cable but he can't let them have any machines and back and forth it goes." - For sure State Power continues to stay in touch with CTC but it's more complex than that. You have to look at China as 3 entities: end user, local supplier, local broker (deal maker). State Power is the end user; Jiangsu and others who wrap are local suppliers; and the Chinese representative/broker is ? The issue is with the suppliers and brokers (not State Power) as they lick their chops at the $$$. Benton realized they were not getting the best deal for CTC. The original JV was too narrow in scope, too expensive for CTC, and lacked control for CTC.
Doing business in China is quite different. I'm sure there are a number of deal makers/suppliers who say they can bring you the State Power business. The key is getting the right ones that can be considered partners. CTC is making progress here. The great thing is that GC is ready to supply completed cable short term once the ink is dry with the suppliers/brokers.
Don't forget the original JV supplier/broker made it public in China before CTC was ready to commit, so CTC had to release news in the USA before they were ready.
AI
