CHANGZHOU, China, June 19 /Xinhua-PRNewswire/ -- Changzhou National Hi-Tech District (CND) announced today that the Japanese-based Nitta Group has established its third enterprise in the Changzhou High-Tech Zone, in China's eastern province of Jiangsu. Working under the name Nitta Corporation of Changzhou, the accumulative investment in this, and the other two joint companies already established here, has reached USD28 million.
A Japanese listed company, Nitta was established in 1885 and was Japan's first manufacturer of driving belts. Its products now enjoy a wide variety of uses in textile machinery, printing machinery, paper-processing machinery and automotives, as well as semiconductor and liquid crystal equipment.
In March 2007, the Company's sales and profits both reached historical highs. In December 2004, Nitta and Western Japan Trading Co., Ltd. and ITOH METAL Co., Ltd. established NITTA MOORE TECHNOLOGY (CHANGZHOU) Co., Ltd. and CHANGZHOU NITTA MOORE ITOH METAL Co., Ltd. to produce hydraulic equipment for production machinery, low-power pneumatically controlled valves, auto brake assemblies and precision hardware.
Nitta Corporation of Changzhou will mainly produce such precision driving belts like flat belts, and its sales are expected to surpass RMB20 million in 2007 and increase by 40% to RMB28 million in 2008. Nitta innovated poly belts, PolySprints, SEB and other products. Therein poly belts are made of thin and tough Polyamide films and highly wearable special synthetic rubber. This product is widely used in driving machines in the fiber, paper-making, and flour milling industries. As no binding agents and glue are needed for tooth-shaped joints of PolySprints, the former advantage of high wear ability of poly belts is retained, with the addition of such advantages as the joint-processing technology, stability of sizes and minimum axial diameters, which many poly belts don't have. Nitta products are highly praised across a number of industries due to their good performances.
According to introductions, more than 140 Japanese companies have established subsidiaries in the Changzhou High-Tech Zone, including Nippon Steel, Komatsu, Pricestone, Subaru, Fujitsu, Tosoh Corporation, Dainippon Ink, Chemicals Incorporated, NTN Bearings, Enoch, ARRK Group, Nitta Group, Fujiseiki and Servo Motors. Japanese companies have formed an assembling trend in the Changzhou High-Tech Zone. These companies enjoy both rich returns and promotion from the development of the local economy.
