GVS Filter Technology Co, a subsidiary of Italy-based GVS Group, plans to pump an additional $12 million in investment in Suzhou New District, East China's Jiangsu province, in the wake of a signing ceremony between both parties held in the district on Sept 26.
According to the agreement, GVS will purchase 2 hectares of land for a new plant, which will mainly be used to develop and manufacture various filters, parts and products.
After the facility goes into operation in 2023, the annual output value of GVS is expected to reach 500 million yuan ($70.2 million).
Founded in 1979 in Bologna, Italy, GVS Group is a leading manufacturer of filters and components in the world with its products used in medical treatments, biosciences, vehicles, personal protection and outdoor power supply equipment.
The Italian group has established 15 production plants in Italy, the UK, the US, China and Romania and 25 offices in Germany, Spain, Mexico, Japan, South Korea and Russia with a total workforce of more than 2,300.
Last year, the group posted total revenue of $250 million.
In 2010, GVS Group funded the 6,000-square meter GVS Filter Technology Co in Suzhou New District with a total investment of $3.37 million, which develops and produces filters for medical devices and vehicle equipment.
After the signing ceremony, Hua Jiannan, a senior official from Suzhou New District management committee, met Lucas Galuppo, general manager of GVS Filter Technology Co.
Hua expressed his gratitude for the company's increased investment in the Suzhou district and promised to support the construction of the new plant.
Galuppo thanked Suzhou New District for its support and said that GVS Filter Technology Co had grown into an important part of GVS Group's global layout and the new facility would greatly improve the company's production capacity.
Since this year, Suzhou New District has ramped up its efforts to optimize its business environment and striven to attract more investment.
In the first eight months, the district saw the settlement of 35 foreign invested projects, 12 of which were valued more than $10 million, and utilized foreign capital of $530 million, an uptick of 55.8 percent year-on-year.
GVS Filter Technology Co, a subsidiary of Italy-based GVS Group, plans to pump an additional $12 million in investment in Suzhou New District. [Photo provided to chinadaily.com.cn]