ThyssenKrupp (China) is spending EUR75m (US$85m) on an automotive electronic power steering (EPS) system factory in the Changzhou National Hi-Tech District (CND) in eastern China’s Jiangsu Province.
The factoryy is expected to go into production in 2016. Changzhou is now home to nearly 200 companies engaged in some aspect of the automotive sector, the CND said in a statement.
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Thyssenkrupp is also spending another EUR30.33m (US$34.2m) on its CND-based engine facility, ThyssenKrupp Engine Systems (Changzhou), following the outstanding performance of the plant.
The operation started with an initial spend of EUR38m (US$42.9m). The factory to 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 Heinrich Hiesinger, chairman of ThyssenKrupp.
