(Yicai Global) Jan. 8 -- Chinese billionaire Cao Dewang and his Fuyao Glass Industry Group, whose plant in Dayton, Ohio was the focus of the acclaimed Netflix documentary American Factory, have been recognized for their contribution to the state.
The company's investment in the United States has created a large number of jobs, stimulated local economic growth and had a significant impact on the development of the Miami Valley, Chinese news site The Paper cited Governor Mike DeWine as saying in a commendation letter. DeWine hopes Fuyao's success will inspire more Chinese firms to invest in Ohio, he added.
Fuyao Glass America supplies high-quality products to the world's most famous carmakers and has created more than 2,300 jobs directly in the US, and another 3,800 in related industries, according to Cao, the group's 73-year-old founder. The US has a great system for corporate investment with simple procedures and smooth communication, he added.
Fuyao's huge production facility in Dayton, a converted former General Motors plant, featured in American Factory, a film about an East-West culture clash at the Chinese-owned factory. Released last year, the 115-minute documentary was backed by Barack and Michelle Obama's production company.
Shares in Fujian province-based Fuyao [SHA:600660] rose 0.4 percent in Shanghai today to close at CNY25.01 (USD3.60), after earlier gaining as much as 2.2 percent.
Fuyao has invested more than USD900 million in five American states since 2014, creating a complete supply chain and building the world's largest automotive glass factory, which can supply glass to a quarter of the vehicles made in the US.
It plans to invest another USD46 million this year, adding another 100 jobs as it upgrades one of its production lines following its third straight year of profit in 2019.
Editor: James Boynton