Chile-based ME Elecmetal's Chinese subsidiary breaks ground in Changzhou, Jiangsu province
CHANGZHOU, China, March 28, 2013 /PRNewswire/ -- The groundbreaking ceremony for ME Elecmetal (China) Co., Ltd., the first Chile-invested project in Changzhou, China, was recently held in Changzhou National Hi-Tech District. The new company will produce various high-end wear-resistant parts for crushing and grinding equipment used in mining. Chile's Ambassador to China Luis Schmidt Montes attended the ceremony.
Located in Changzhou Binjiang Economic Development Zone and with a total investment of US$45 million, ME Elecmetal (China) is a specialized manufacturer of wear resistant parts for mining equipment and ME Elecmetal's first wholly-owned subsidiary in China. The project is expected to be completed and put into operation at the end of this year with a designed annual capacity of 30,000 tons and expected annual sales of 550 million yuan (approx. US$88.7 million).
ME Elecmetal is a multinational group owned by South America's well-known Claro Group, with four main businesses including brewing, metallurgy, packaging and media. The company's global sales reached US$9.6 billion in 2012.
Chile is the first country in South America to establish diplomatic relations with China and also the first in the region that concluded bilateral negotiations with China on the latter's WTO accession.
A spokesperson for ME Elecmetal said that Changzhou is a beautiful and friendly city whose government boasts integrity and high efficiency. With full support facilities for a variety of industries, superior location as well as great weather and geological conditions, the city has been taking the lead in the country in terms of vocational education. Thanks to a good investment environment, Changzhou National Hi-Tech District, which houses a comprehensive range of service facilities, including a national top-ranked open port, an export processing zone and a bonded logistics park, has attracted over 1,400 multinational companies with combined foreign direct investment nearing US$7 billion.
SOURCE Changzhou National Hi-Tech District