A new metal matrix composites, or MMCS manufacturing plant costing 2 billion yuan ($281.34 million), is to settle in Hongqiao Industrial Park in Taixing, a county-level city administered by Taizhou city in East China's Jiangsu province.
At full capacity the plant, to occupy an estimated 200 mu (13.33 hectares) of land, is projected to produce 1 million metric tons of MMCS annually for automobiles, home appliances and engineering use.
It will generate annual sales of 5 billion yuan and pay 170 million yuan in taxes.
A panoramic view of Hongqiao Industrial Park. [Photo/WeChat account: txfabu]
Its owner and operator, the Shenlong Group, is a manufacturer and supplier of a full range of cold-rolled and coated steel plate in China. In 2022, its annual revenue topped 20 billion yuan and tax revenue exceeded 1 billion yuan.
The settlement of the project in Hongqiao Industrial Park is expected to raise the company's profile in the East China market and its output will radiate out to the markets of South China, Central China, Japan and South Korea, said Shenlong Group Director Zhang Shunli.
Hongqiao Industrial Park is moving to develop its marine engineering, intelligent equipment, automotive components and modern logistics industries in 2023.
In the current year it plans to sign up over 40 projects worth over 100 million yuan each, start the construction of 18 projects costing over 100 million yuan per endeavor and finish the construction of 14 projects involving funding of over 100 million yuan apiece.