Chinese Precision Machine Tool Project Gains Foreign Investment

Foundations have been laid for Changzhou AgieCharmilles Machine Tool Company, which involves an investment of US$18 million from AgieCharmilles under Georg Fischer of Switzerland, in the Hehai Industrial Park of the Changzhou National Hi-Tech District in Jiangsu.

Jurg Krebser, CEO of AgieCharmilles, described the foundation laying on that day as another milestone. He said the Chinese market was particularly important for the group's business development in the world and it would try to make its business in China account for more than 50% of the total in Asia.

Hans-Peter Willi, Consul of the Consulate General of Switzerland in Shanghai, among others, attended the foundation-laying ceremony.

Changzhou AgieCharmilles Machine Tool Company, with a registered capital of US$9 million, will be mainly engaged in the design, development, production and maintenance of five-axle high-speed machine tools and spare parts. After the project is completed, the company will have an annual production capacity of 700 five-axle high-speed machine tools and realize an annual sales income of RMB500 million.

AgieCharmilles says it decided to establish its second manufacturing enterprise in China in the Changzhou Hi-Tech District because the great support, high efficiency and good service of the local government and also because of the solid industrial basis, a large number of processing enterprises, good geographic position, convenient communications for flow of goods and numerous high-quality technicians here, which will provide strong support for R&D and sale of products.

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