Footwear maker Yue Yuen Industrial Holdings Ltd has established a safety shoes joint venture in partnership with Upmax Investments Ltd.

The venture, which is called Oftenhrich Holdings Ltd, has a registered capital of about $58 million. Yue Yuen has a 45 per cent interest in Oftenhrich, with Upmax holding the remainder.

Oftenhrich, which is part of the  Golden Chang group, will lead operation and production of the venture. Yue Yuen will principally deal with the financial and information technology sides of the business.

Yue Yuen executive director Edward Ku said: "Teaming up with a well-experienced manufacturer will offer immediate contribution and product category diversification opportunity to the group.

"Furthermore, the combination of the expertise from two market leaders will enhance the competitiveness of the joint venture in footwear manufacturing".

The joint venture will focus on the production of safety shoes and casual shoes.

Safety shoes specialist Golden Chang boasts customers including Wolverine, Wal-Mart, Timberland and Dr Martens.

Leading casual and athletic shoe maker Yue Yuen makes footwear for companies such as Nike, adidas, Reebok, Asics, New Balance, Puma, Timberland, and Rockport.