Japan's NSK to make biggest overseas investment of 300 mln USD in east China plant

Japan's NSK Ltd., a Fortune 500 company, will invest 300 million U.S. dollars to build a plant in the inland province of Anhui in October 2011, the company's biggest investment in an overseas plant so far, said local authorities on Wednesday.


NSK Ltd. signed an agreement with the management committee of the Hefei New and High Technology Development Zone in the provincial capital of Hefei on Monday to set up NSK Hefei Co., Ltd., said Li Bing, head of the committee.


Although it is 12th plant set up by NSK in the mainland, it is its first inland plant, according to Li.


"This is the first plant set up in inland China, which shows that we have made the first step of a long journey," said Norio Otsuka, president of NSK Ltd.


The construction of NSK Hefei will start in October 2011 and the company is expected to begin operation in August 2012, said Li.


The plant, covering an area of 200 mu (13.3 hectares), is expected to have an annual sales of 3 billion yuan (463 million U.S. dollars) and pay 80 million yuan in taxes annually, said Li.


NSK, Japan's first bearing producer founded in 1916, produces automotive products, precision machinery and parts as well as mechatronic products. It has set up 40 manufacturing bases in 12 countries.
(Source:http://news.xinhuanet.com)