CHANGZHOU, China, Jan. 26, 2015 /PRNewswire/ -- On January 19, 2015, ThyssenKrupp (China) invested an additional 75 million euros (approx. US$85 million) which will be used to build an automotive electronic power steering (EPS) system facility in the Changzhou National Hi-Tech District (CND)，Eastern China's Jiangsu Province. The facility is expected to go into production in 2016. Changzhou is now home to nearly 200 companies engaged in some aspect of the automotive sector.
Thyssenkrupp decided to make an additional investment of 30.33 million euros (approx. US$34.2 million) in its CND-based engine facility, ThyssenKrupp Engine Systems (Changzhou), following the outstanding performance of the plant. The operation started with an initial investment of 38 million euros (approx. US$42.9 million). The facility that will be built during the second phase of the project will produce assembled camshaft cylinder head modules.
"Both the government of Changzhou and CND have demonstrated their professionalism in the process of implementing a very clear and transparent policy that was put in place by the local government for us, following our decision to build a facility in the district," said Dr. Heinrich Hiesinger, chairman of ThyssenKrupp AG, a German industry giant and one of the world's top 500 companies.
Established on November 9, 1992, CND is the biggest and most dynamic economic growth point in Changzhou and serves as a major window of the city to the outside world. CND has been committed to an export-oriented economic model since its inception. In 2014, despite the complex landscape in the international market, CND held industry promotion meetings in a number of countries, including Japan, Germany and the U.S, and delivered strong performance in terms of attracting investment from the automobile and automotive parts, healthcare, new materials and aviation sectors in each of the countries the delegation visited.
"To attract more foreign investment, we should not only make foreign investors feel at home, but also demonstrate our ability to provide them with effective, professional and international services," said Zhou Lijun, director of the Bureau of Commerce at CND. "Before entering into negotiation concerning foreign investments at CND, we analyze their actual requirements and collect information that matters most to the investors. They were impressed with the information we provided in our presentations."
SOURCE The Public Promotion Department of Changzhou Xinbei District Commission of CCP