Xiamen Golden Egret Special Alloy Co plans to establish a subsidiary in Thailand, according to a recent announcement by the company.

Golden Egret will invest $28.47 million in building the Thai company, which has an intended annual hard alloy production of 800 tons. The company is expected to be put into operation next year.

Xiamen Golden Egret Special Alloy Co is a key subsidiary corporation of Xiamen Tungsten Co, whose tungsten wires for lightbulbs account for up to 70 percent of the global market.

Golden Egret is mainly engaged in the production and marketing of tungsten powder, tungsten carbide powder, hard alloy and cutters.