China's Changzhou National Hi-Tech District renews partnership with large German group ThyssenKrupp

21 July 2020

The multinational German company ThyssenKrupp recently renewed its partnership with the Changzhou National Hi-Tech District (CND) in Changzhou , representing its fifth consecutive investment in this Chinese city.

ThyssenKrupp made a forward-looking decision to invest another $ 200 million to build a manufacturing facility in this district for global electronic power steering (EPS) or automotive power steering systems. ThyssenKrupp is one of the 500 leading companies worldwide and emerged from the merger of Thyssen and Krupp. His leadership position arose in the steel processing, automotive parts and elevator manufacturing sectors. 

Five years ago, the German group invested 25 million euros to build ThyssenKrupp Steering System ( Changzhou ) Co., Ltd., focusing on the hi-tech production of automotive parts . This plant reported sales of sales of 618 million yuan in the first year after operations began.

The group's fifth investment in Changzhou is primarily focused on research and development and the production of the world's most advanced EPS systems for automobiles, which are intended to drastically reduce the energy consumption of electric cars and offer drivers and passengers a better experience, while at the same time providing the technology of the autonomous Driving. Despite the current precarious global economic situation as a result of the COVID-19 pandemic and its effects on international economic cooperation, ThyssenKrupp is in good spirits as far as the prospects for China are concerned.

ThyssenKrupp's manufacturing plant in Changzhou was able to achieve continuously increasing results, which can be seen in the annual sales growth of 48.9% from the Changzhou plant until 2017, which was followed by growth of 85.9% for 2018 and 36% for 2019. Chief Operating Officer of ThyssenKrupp Presta Steering Asia Pacific, Chen Min , said after the signing ceremony that thanks to the CND's favorable economic conditions and five investments in the past five years in Changzhou China, the company will have a promising future.

The registered assets of the ThyssenKrupp production plant in Changzhou have reached approximately 900 million yuan. Chen Min says: "Looking ahead, Changzhou's plant will become our largest international power steering manufacturing facility, and the jointly generated sales volume is expected to double to about 5 billion yuan in three to five years."

 

Source: prnewswire.com