• Teco Electric & Machinery has teamed up with China Steel, Nippon Steel, Marubeni-Itochu Steel and Sumitomo to set up an electric motor plant in China. The $20m plant, which will start production in March, is expected to generate more than $100m of sales by 2005, and $300m by 2007. The plant, in which Teco has a 70% stake, will focus on large motors.

• Chorus Motors has ended its licencing agreement with Beckett Elevator International "by mutual consent" after it proved impossible to reach agreement on intellectual property issues. Chorus will continue to develop its efficient, high-torque, multi-phase motors and is building its first commercial-grade prototype, which it plans to demonstrate early next year. It claims the motor will be "substantially less expensive" than comparable three-phase and brushless machines.

• The world market for material-handling equipment and systems will grow by 6.2% a year until 2006, when it will be worth $108bn, says a new report from the Freedonia Group. The market, which was worth $79.8bn last year, will be fuelled by an improving world economy. The fastest growth is expected in the Asia-Pacific region.