CHANGZHOU, China, April 8, 2008 /Xinhua-PRNewswire/ -- Germany-based LEONI AG announced today that it has set up a base for the production of aviation cables in the Changzhou National New & High-tech District of Jiangsu Province, thus pushing up the investment volume of the group in this area to nearly US$70 million.
As early as 1993, LEONI AG had already invested in Changzhou High-tech Zone to set up Leoni Electric Cable (Changzhou) Co., Ltd., followed by continuous additions in capital investment. Then, LEONI AG established Leoni Wire (Changzhou) Co., Ltd. and Leoni Special Cables (Changzhou) Co., Ltd. in this area. Thus, with the accumulated investment of nearly US$70 million, LEONI AG has become the biggest and oldest investor in this area.
This being the second-phase of its engineering project, LEONI AG put an additional capital of EUR3 million into the construction of the aviation cable production base. Leoni Special Cables (Changzhou) Co., Ltd., with a registered average annual growth rate of 40% to 50%, plans to reach a sales volume of RMB1 billion in 2012.
Established in 1569, LEONI AG is one of the biggest and oldest manufacturing firms in the world, producing electrical cables, harnessing, wiring systems and special cables.
“Despite the rise in the cost of land-use and labor in China, we still decided to beef up our investment, because the local governments of Changzhou city and of Changzhou New & High-tech Zone provide enterprises with a sound investment environment featuring a good manufacturing infrastructure and an attractive environment for finding new talents. Therefore, enterprises can enjoy a fast growth here,” said Mr. Jiang Haibo, the head of Leoni Special Cables (Changzhou) Co., Ltd.
For more information, please contact:
Zhongliang Wang
Changzhou National Hi-Tech District
Tel: +86-519-8512-7305
Fax: +86-519-8511-5905
Email: w_zongliang@sohu.com
