Bridgestone Invests to Build New Plant in Changzhou National High-Tech District Investment Totals Nearly US$50 million
CHANGZHOU, China, Sept. 1, 2011 /PRNewswire-Asia/ -- On August 26, Changzhou Bridgestone Flowtech Co., Ltd. laid the foundation stone for its new plant in Changzhou National High-Tech District, Jiangsu Province. With a total investment of US$49.7 million, the new plant, which will mainly produce oil, gas and hydraulic hoses, hose assemblies and rubber mixing products, is expected to be completed in June 2012 and start production in October of the same year.
With its registered capital increased from US$3.2 million to US$24.3 million, the new plant is jointly invested by Changzhou Bridgestone Flowtech and Bridgestone (China) Chemical Products Investment. It has a gross floor area of some 70,000 square meters and a construction area of 28,200 square meters. "Given the strong demand in China, we will try our best to start production ahead of schedule," a senior company official said in the groundbreaking ceremony.
Upon completion, the new project will have an annual production capacity of 12,000 kilometers of air hoses, oil hoses and hydraulic hoses, 7 million hose assemblies and 5,000 tons of rubber mixings, with the annual output value expected to reach 630 million yuan, while profits and taxes are estimated to come to 45 million yuan. In addition, more than 200 new jobs are expected to be offered by 2015.
Japan-based Bridgestone Group was ranked 286th on the list of Fortune Global 500 for 2011. The Group established a wholly-owned subsidiary Changzhou Bridgestone Cycle Co., Ltd. in Changzhou Hi-Tech District on December 1994, and then set up another two enterprises involved in auto parts and fluid technology respectively.
Changzhou Hi-Tech District has attracted many local and overseas investors such as Germany-based Lanxess, Leoni, BAERLOCHERGMBH, otto bock, hoerbiger, Linde Group, Switzerland-based Georg Fischer, Mettler Toledo, Rieter Textile Instrument, US-based Terex, Ashland Chemical, Kohler, Chart, Visteon, Magna Powertrain, V&M, Disa, Polynt Group, Kymco Motors, Japan-based Komatsu, Nippon Steel Corp, OKI, Bridgestone, Fujitsu, and Fuji Heavy Industry and so on.
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SOURCE Changzhou National Hi-Tech District