The Shanghai Daily reports that the Reman facility, which opened yesterday in Lingang New City of Nanhui District, will be built into the largest of its kind in Asia according to Steve Fisher, group vice president, who is in charge of the group Reman department. Its Reman division in the city is the first to be wholly foreign-owned, Caterpillar said. Remanufacturing, which is still a new and not well-received concept in China, is taking end-of-life goods and re-engineering them back to new or better condition, with a warranty to match. The global remanufacturing market is estimated at US$100 billion, and the Chinese market will reach US$10 billion, according to Caterpillar, which expects the business to be one of its largest growth opportunities. "We are still in talks with dozens of Chinese companies to win their support", said Fisher, without giving names, the profit rate for the business or the annual revenue of the Reman department. Among the possible partners are several industry leaders in the country like Shanghai Automotive Industry Corp and Shandong Province-based Weichai Power Co, sources said. Once a partnership is formed, the companies will supply parts and designs of their machines to Caterpillar to be remanufactured. The remanufactured equipment will then be returned to the firms, which will also help save on production costs. The facility will also remanufacture Caterpillar's own products.