The new facility of CAREL, an Italy-based expert in air conditioning and refrigeration, in Suzhou New District, Jiangsu province, is completed on July 16. [Photo/WeChat account: snd-szgxqfb]
The new facility of CAREL, an Italy-based expert in air conditioning and refrigeration, in Suzhou New District, East China's Jiangsu province, was completed on July 16, local media reported.
After the new facility is put into operation, its annual output value in 2020 is expected to reach 700 million yuan ($101.81 million) and pay taxes of 60 million yuan.
Francesco Nalini, chief executive officer of CAREL, said at the inauguration ceremony that the completion of the new factory in Suzhou made its Suzhou branch the most important manufacturing facility of CAREL in its China and Asian regions.
Nalini promised to maintain its investment in technological innovation and improve the capability of the Suzhou branch in design and manufacturing in the future.
Wang Mou, an official from Suzhou New District, noted at the ceremony that Suzhou New District will continue supporting the development of CAREL and other Italian companies in the district and offer a more favorable business environment to local businesses.
Founded in 2005, CAREL (Suzhou) Co, a wholly-owned subsidiary of CAREL, provides electronic solutions for air-conditioning and refrigeration sectors with the same quality standards as its parent company, and satisfies the growing requirements of the Chinese market.
Suzhou New District is a hub of opening up to the outside world. Since its establishment in 1990, a large amount of foreign-owned businesses has arrived in the district, including 32 Fortune 500 companies. To date, the district has housed more than 1,700 foreign-funded companies, over 300 of which come from Europe.
Francesco Nalini, chief executive officer of CAREL, promises to sustain investment in China at the inauguration ceremony. [Photo/WeChat account: snd-szgxqfb]