Freund Corporation signed an agreement with Shanghai Chineway Pharmaceutical Technology Co., Ltd. to establish a joint venture in China. By establishing a formulation research facility that handles both pharmaceutical manufacturing equipment and excipient in China, The company is able to strengthen product development support for Chinese pharmaceutical companies, and by collectively testing both of its equipment and excipient products, product recognition can be further increased. Name of the joint venture Freund-Chineway Pharmaceutical Technology Center Co., Ltd.