Intel (INTC) announced in Hangzhou that its global investment business entity will invest US$10.5 million into Zhejiang Supcon Technology Company to provide optimized solutions for China's industrial automatization.
According to the agreement, Intel and Supcon will jointly develop and promote innovative industrial automatization solutions based on Intel's technology in China and offer support to Supcon's product and service marketing worldwide. In addition, Intel will help Supcon build some channels out of China as well business relations with companies from other industries.
The cooperation is said to be part of Intel's ISPP program which has provided a framework for Intel and its business partners to cooperate or coordinate on solutions development.
A representative from Intel has told media that Intel has changed its investment strategy in China. Instead of making a subordinate investment, it now focuses on taking a dominant role in investing in China. What's more, it no longer targets its investments in the hardware sector and instead expands it to software and related industries.