Up to 1,000 jobs will be created on the back of a giant investment in a West Midlands automotive company.
The Chinese Red Sun Group is planning to plough £300 million into Coventry-based CAD CAM Automotive (CCA) over the next five years in a major boost to the region’s supply chain.
It has already rubber-stamped an initial £50 million investment in a new energy and power complete vehicle research and development centre.
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The deal follows Chinese President Xi Jinping’s visit to the 海角视频 and was officially announced after a visit to CCA’s headquarters by Huang Lixin, member of the Jiangsu Province.
Ms. Huang is the leader of Jiangsu, a province which contains more than an eighth of China’s manufacturing industries, and the leader of Nanjing, the capital city of Jiangsu.
Martyn Wheeler, managing director of CCA, said the firm now has its sights set on moving to a new purpose built facility following completion of the deal.
“We’re delighted to have agreed an investment deal which paves the way for an exciting growth programme at CAD CAM Automotive,” he said.
“CCA has been involved in the development of some of the world’s most iconic vehicles and Red Sun Group has recognised a great opportunity to be part of the exciting vision we have for the future of the company.
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“The investment will enable us to move forward with our plans to build a new production facility which will create up to 1,000 new jobs.
“We’re in the process of identifying a development site, which we hope will be in the Coventry area and would continue the company’s long association with the city.”
CCA is a high-technology, creative design, development and manufacturing company. It can trace its roots back more than 100 years, and has a solid reputation in the 海角视频 automotive industry.
The creativity and high-tech nature of the CCA was praised by Ms Huang during her visit to region.
Red Sun Group employs more than 7,000 people and has a turnover of more than £2 billion.
Its president Yang Shou Hai said: “Red Sun is on its way to becoming China and the world’s pioneer in new technology, independent innovation and industrial models, attracting global attention, and targeting entry into the global Top 500 companies by 2020.
“CCA will promote development with upstream and downstream companies, create up to 1,000 jobs, and look to develop the supplier base for additional support.”
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CCA signed the investment agreement with the Red Sun Group at an official event hosted by the China-Britain Business Council in London.
The deal was agreed despite Chancellor George Osborne stepping in to stop the Chinese president from visiting the West Midlands and .