Global automotive supplier Hanon Systems announced that it had signed an investment agreement with the Dalian municipal government in China to expand its automotive compressor operations to support local business growth.
This agreement secures active government support and grants permission for the company to invest in the construction of a third plant in Dalian which will increase the total site space to more than 105,000 sq ft (98,000 sq m).
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A signing ceremony commemorating the agreement was held in Dalian, Jinshui District, which was attended by Dalian plant management, the Dalian Development Administration Committee and Chinese government officials of the Economic and Technological Development Zone. The ceremony was preceded by a memorandum of understanding (MOU), which was established in June at the World Economic Forum (WEF) between Hanon Systems and the Dalian Development Zone Investment Promotion Bureau.
"We are pleased to receive this formal approval to invest and expand our Dalian operations, which is critical to support our business growth with local China automakers and global vehicle manufacturers operating in China," said In-Young Lee, president and chief executive officer of Hanon Systems.
"We appreciate this support from the China government, and from our customers in terms of trust in our company and the innovative compressor solutions that Hanon Systems offers to the market."
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