Honeywell expands refinery; Prudential ventures into China; Subaru names agency of record.
Honeywell Electronic Materials announced Thursday it will more than double its refining and casting capacity for high-purity copper and tin at its Spokane, Wash., facility in response to rising demand in the semiconductor industry. The first phase of the capacity expansion for the division of Morris Township-based Honeywell International Inc. will be complete in the first quarter of next year, while the second phase is expected to be complete by the middle of next year.
Prudential Financial Inc. and Fosun International announced Thursday they have received approval from the China Insurance Regulatory Commission on the preparation to launch a new life insurance joint venture company in China. The company will be the only life insurance joint venture in China between a non-state-owned enterprise and a foreign capital enterprise. The venture will start with registered capital of $78 million with the Prudential Insurance Company of America, the U.S. insurance arm of Newark’s Prudential Financial, and Fosun each contributing 50 percent of it. The joint venture will have headquarters in Shanghai, and is expected to begin operations in 2012.
MWW Group announced Thursday it has been selected as agency of record for Subaru of America Inc., in Cherry Hill. As agency of record, MWW’s consumer lifestyle marketing practice will spearhead a program promoting Subaru among lifestyle media and elevating consumer awareness.