CHANGZHOU, China, April 25, 2018 /PRNewswire/ -- On April 9, China's Changzhou National Hi-Tech District (CND) signed the first batch of key projects for 2018. Italy-based Immergas inked an agreement as the chief representative of commercial and household wall-hung boilers. Immergas' plant in the district is the company's first production facility outside Europe and will become its production and marketing center for the Asia-Pacific region.
Founded in 1964 and with operations in over 40 countries, Immergas, a leading HVAC equipment manufacturer in Italy, has been the best-selling brand in the country for the last 15 years and sold more than six million units worldwide.
Following 20 years of development since the firm's entry into the Chinese market in 1997, Immergas now views China as its most important overseas market. Given the huge opportunities brought about by China's sustained economic growth, Immergas chose to build a wholly-owned plant in CND following an extensive investigation and negotiation. The new plant will produce, develop and sell a variety of commercial and household wall-hung boilers to meet the huge demand in China's heating market. With a first-phase investment of US$6 million, the 5,300-square meter plant is expected to produce 100,000 boilers annually and become one of the leading producers within the district.
CND, established in 1992, is one of China's first national hi-tech districts. The district, with close proximity to Shanghai, Nanjing and Hangzhou, is also home to two of China's first-class open ports, Changzhou Port and Changzhou Benniu International Airport, as well as Changzhou train station, a key stop along the Beijing-Shanghai high-speed railway. Two expressways, three provincial highways and three rivers pass through the region, creating an accessible and convenient water, land and air traffic network, where outgoing shipments can be quickly dispatched to their final destination.
CND has attracted investors from 68 countries and regions worldwide, with 1,683 foreign-invested firms calling the district home. Thirty-eight Fortune 500 firms have invested in 51 projects, including more than 46 with investment exceeding US$100 million. A host of global leaders, including LANXESS, thyssenkrupp and Novelis, have seen their operations in the district experience rapid growth.
Twenty-three key projects were signed with this batch, covering new materials, biomedicine, intelligent manufacturing and modern services. Total investment for these projects reached 13.8 billion yuan. Included were 10 foreign-invested projects with a combined investment reaching US$442 million.
