CHANGZHOU, China, March 22, 2012 /PRNewswire-Asia/ -- Cooper Industries, a fortune 500 company, held a grand opening ceremony for its wholly-owned subsidiary Cooper Electric (Changzhou) Co., Ltd on March 7, 2012 in Changzhou National Hi-Tech District (CND), Jiangsu Province, China. With a total investment of US$37.5 million, Cooper Electric (Changzhou) started construction in December 2010 and will have an annual capacity of 95,000 explosion-proof control apparatuses, 60,000 explosion-proof lighting fixtures and one million components after being put into operation, with annual sales expected to reach 720 million yuan (approx. US$114.3 million).
"We will accelerate our growth in Asia," said Kirk Hachigian, Chairman, President and CEO of Cooper Industries, at the ceremony. "China is the core market for our power systems, electric explosion protection and circuit protection businesses in the Asia Pacific region. To date, we have completed five acquisitions, built a number of facilities and employed over 5,500 people in the country, with annual revenue now exceeding US$500 million. The establishment of the new factory in Changzhou Hi-Tech District is an important milestone in the history of Cooper China. It demonstrates our desire to invest in local production for local markets, and to employ local engineering designers and local sales teams. We will be able to export our products from this facility to the rest of the world."
Thanks to the top-ranking investment environment which includes strong economic strength, advantageous location, solid industrial foundation and rich human resources, CND has attracted more and more international multinationals and domestic well-known enterprises' investment and become one of the areas in the Yangtze River Delta with the fastest economic growth, the highest investment quality, the best investment benefits and the greatest investment potential. The local government said that it will consistently adhere to its core values, including the rule of law, integrity, efficiency and win-win, to further build a superior platform for international industrial transfers through providing more comprehensive, faster and more efficient services to its customers both within and outside of China.
Cooper Industries, headquartered in Houston USA, is a global manufacturer which focuses on electronic products and tools. In January of 2012, Cooper Industries purchased Changzhou Yuhua Electronic Equipment Manufacture Co., Ltd aiming to build up Cooper's Manufacturing Base in China.
The Publicity Department
The Administrative Commission of Changzhou National High-Tech District
Jiangsu Province 213022
SOURCE Changzhou National Hi-Tech District