CHANGZHOU, China, Nov. 29, 2012 /PRNewswire/ -- The opening ceremony for Fordia (Changzhou) Mining Machinery, a newly formed company invested in by Canada's Fordia Group Inc., was held on November 19 in Changzhou Export Processing Zone located in China's Jiangsu province. Guests in attendance included Canada's Consul General in Shanghai, Rick Savone.
According to the investment agreement signed between Fordia and Changzhou National High-tech District in June 2011, Asia Mining Tools Distribution Company Limited, a subsidiary of Fordia, will invest US$5 million to set up Fordia (Changzhou) Mining Machinery in Changzhou Export Processing Zone. The new firm, specializing in producing high performance diamond drilling bits, drilling equipment as well as related accessories and molds, plans to have an annual capacity of some 150,000 units after being put into operation. With the establishment of the Changzhou firm, Fordia expects to further increase its annual sales by 35 percent over the next three to five years.
Having started its business in Montreal, Canada, Fordia is a well-known global manufacturer and distributor of specialty mining and geological prospecting tools, including core drilling bits, diamond bits and drilling equipment as well as geological prospecting equipment and drilling gauges.
Changzhou Export Processing Zone is now directing its attention to bringing in companies operating in highly concentrated and high value-added industries that are able to drive foreign trade, especially in the electronics information, new energy materials, power machinery and medical equipment sectors.
Attracted by its superior geographical location, a comprehensive range of support facilities and state-of-the-art investment environment, a number of multinational companies have chosen to invest in Changzhou National High-tech District. The district is located in the Yangtze River Delta.
SOURCE Changzhou National Hi-Tech District