CHANGZHOU, China, Sept. 10, 2018 /PRNewswire/ -- On September 5, GF Machining Solutions held a ground-breaking ceremony for its new Phase II project in Changzhou National Hi-Tech District, with Liang Yibo, vice mayor of Changzhou; Chen Zhengchun, director of the Administration Committee of Changzhou National Hi-Tech District and director of Xinbei District; and Xu Yawei, vice director of Xinbei District in attendance.
The US$48 million, 32,000-square-meter facility, built on a 5.14 hectare plot of land, will be equipped with a manufacturing workshop and offices. The main focus will be the research, development and production of high-end machine tools, with the aim of establishing GF Machining Solutions as the world-class manufacturing base and R&D center for such tools.
The project will help promote technical innovation across the district's equipment manufacturing sector, as well as attract the best companies from the upstream and downstream segments of the industry to set up operations locally, setting in motion the development of the district's equipment manufacturing industry chain.
Changzhou GF Machining Solutions is a subsidiary of Switzerland-based Georg Fischer. Founded in 1802, Georg Fischer is one of the world's leading industrial groups, with operations in over 140 countries and regions. The group has more than 15,800 employees worldwide and generated sales of 4.2 billion Swiss francs (approx. US$4.33 billion) in 2017.
Georg Fischer values their investments in China. Since its inception in Changzhou National Hi-Tech District in 2007, GF Machining Solutions received the support and assistance of several government authorities, which has been instrumental in assuring the firm's health and continuous growth.
The Changzhou-based company booked sales of 450 million yuan (approx. US$66 million). Following several years of steady growth, Georg Fischer inked the investment agreement on the Phase II project with the government in September 2017.
Changzhou National Hi-tech District (CND) is located in the heart of the Yangtze River Delta. There are more than 1,600 foreign-invested companies in CND. Recently, CND is accelerating the development pace and intensifying the efforts on construction of an industrial base, making 2 pillar businesses: equipment manufacturing (precision machinery) and new materials bigger and stronger. The emerging industries consist of new generation of information technology, biomedical, new energy vehicle, photovoltaic and aviation.
