(Yicai Global) Aug. 7 -- China's Yinlun Machinery will invest CNY500 million (USD71 million) to construct a factory for its subsidiary, a supplier to Peugeot and Citroen, to make thermal management system parts for new energy vehicles in eastern Jiangsu province.
Yinlun penned a framework agreement with the management committee of Zhangjiagang Economic and Technological Development Zone, functioning under the local government, the Zhejiang province-based firm said in a statement yesterday.
The production base will support the business development of Jiangsu Langxin Electric. The subsidiary or the parent will operate the plant whose sales are expected to exceed CNY800 million each year. The annual tax revenue will be over CNY50 million, the statement added.
Langxin counts FAW Group and Dongfeng Motor as some of its clients, according to its website.
Editor: Emmi Laine