PR84837

CHANGZHOU, China, July 20, 2020 /PRNewswire=KYODO JBN/ --

ThyssenKrupp's consistent confidence in China's investment environment and

market potential leads to five investments in five years

German multinational conglomerate ThyssenKrupp recently renewed its partnership

with Changzhou National Hi-Tech District (CND), in Changzhou, representing its

fifth investment in the Chinese city in five years.

ThyssenKrupp decided to move forward with an additional investment of US$200

million to build a global automotive electronic power steering (EPS) system

facility in the district. As one of the world's top 500 firms, ThyssenKrupp is

the result of the merger of Thyssen and Krupp and has established its

leadership in the steel refining sector, as well as the automotive parts and

elevator manufacturing sectors.  

With a focus on the high-tech manufacturing of automotive parts, the German

conglomerate invested 25 million euros five years ago to set up ThyssenKrupp

Steering System (Changzhou) Co., Ltd. The entity reported sales of 618 million

yuan for the first year after becoming operational.

The conglomerate's fifth investment in Changzhou will focus on the R&D and

production of the world's most advanced automotive EPS systems, which will

vastly reduce the energy consumption of electric vehicles, giving drivers and

passengers a better experience, while empowering unmanned driving technologies.

Despite the negative effect that the current international economic situation

and the COVID-19 pandemic are having on international economic cooperation,

ThyssenKrupp remains upbeat about the prospects in China.

ThyssenKrupp's manufacturing facilities in Changzhou have delivered

increasingly exciting results, evidenced by sales from the Changzhou facilities

growing 48.9% year on year in 2017, followed by a growth rate that advanced

85.9% in 2018 and 36% in 2019. ThyssenKrupp Presta Steering Asia Pacific Chief

Operating Officer Chen Min commented after the signing ceremony that thanks to

CND's favorable business environment and the five investments in Changzhou over

a five-year period, China promises a brighter future for the company.

The registered capital of ThyssenKrupp's manufacturing facilities in Changzhou

has reached approximately 900 million yuan. Chen Min said: "Looking forward,

Changzhou's facilities will become our largest steering system manufacturing

base around the world and their combined annual sales are expected to double to

some 5 billion yuan in three to five years."

Related link: http://cznd.changzhou.gov.cn/

Photo - https://photos.prnasia.com/prnh/20200630/2844882-1

SOURCE  Changzhou National Hi-Tech District

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