SW Germany will also invest euros 100mil to upgrade its Chongqing plant in the coming three-to-five years, the parent company’s executives said. — China Daily
SHANGHAI: Germany-based machine tool manufacturer Schwaebische Werkzeugmaschinen GmbH, also known as SW Germany, says it will increase investment in China, including a further 5mil euros to be spent on the third phase of its factory in Suzhou, Jiangsu province, in the next three years.
SW Germany will also invest euros 100mil to upgrade its Chongqing plant in the coming three-to-five years, the parent company’s executives said.
As its performance in China has been robust over the past five years, SW Germany has long-term confidence in the nation’s machine tool manufacturing market, they said.
SW Germany entered the Chinese market in 2010. Construction of its Suzhou factory’s first phase started in 2016.
To date, it has over 400 employees and more than 100 customers in China.
“About 35% to 40% of our global income came from China last year and we think the market here still has big potential for further growth. We expect this year’s revenue of SW Asia in Suzhou to grow to 1.3 billion yuan,” said Kai Pieronczyk, chief financial officer of SW Germany.
The Chongqing and Suzhou units contributed around 1.29 billion yuan to SW Germany’s total revenue last year. — China Daily/ANN
