Fuyao Glass to expand production in U.S., Germany and Russia
Fuyao Glass Industry Group plans to spend 1.4 billion yuan ($202 million) to expand production in Germany, the United States and Russia, company CEO Cao Dewang told state-owned China Daily newspaper.
Cao said he expects to spend up to 700 million yuan to build an automotive glass factory in Heidelberg, Germany, to supply Daimler, Volkswagen, Audi, Bentley and Jaguar Land Rover.
According to China Daily, Cao also is scouting locations for a plant in the southern United States. He gave no details about his investment plans in Russia.
The company's expansion overseas will account for one-third of its annual capital budget of 4.2 billion yuan, Cao said.
Fuyao is headquartered in Fujian province in southeast China. Last year, the company's annual sales rose 23 percent to 16.6 billion yuan, and profits increased nearly 21 percent to 3.1 billion yuan.
According to China Daily, Cao also is scouting locations for a plant in the southern United States. He gave no details about his investment plans in Russia.
The company's expansion overseas will account for one-third of its annual capital budget of 4.2 billion yuan, Cao said.
Fuyao is headquartered in Fujian province in southeast China. Last year, the company's annual sales rose 23 percent to 16.6 billion yuan, and profits increased nearly 21 percent to 3.1 billion yuan.
