South Korea's CTR Group recently launched its lightweight control arm project in the Zhangjiagang Economic and Technological Development Zone, marking the company's third major investment in the zone.
CTR Group, a global leader in auto parts, first set up operations in Zhangjiagang in 2011. Over the years, the company has steadily increased its investments, reaching a total of $200 million and turning its Zhangjiagang facility into its largest overseas production base.
The new project, backed by a $100 million investment, boasts state-of-the-art technology, a testing center, an automated warehouse, and a 1.4 MW solar power installation. Once fully operational, it is projected to generate annual sales revenue of approximately 1 billion yuan ($140.42 million).
A piece of production equipment at CTR Group's Zhangjiagang manufacturing base. [Photo/WeChat account: zhangjiagangfabu365]
Han Wei, Party secretary of Zhangjiagang, expressed hope that the company will continue to introduce high-quality projects to the city. He reaffirmed the local government's commitment to creating a top-tier business environment to support the growth of enterprises in the region.
Kang Sang-woo, vice president of CTR Group, highlighted in his speech that the new factory marks a pivotal milestone for the company. He underscored the facility's focus on innovation, quality, and fostering harmonious coexistence and proactive development within the local community.
In recent years, Zhangjiagang has been continuously making efforts to develop the new energy vehicle industry, attracting numerous key enterprises across the industrial chain. From January to August this year, the Zhangjiagang ETDZ signed 16 projects into effect, each worth over 100 million yuan, totaling 12.61 billion yuan.