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China's Red Sun Group to invest 458 mln USD in Coventry auto company

Xinhua, November 20, 2015 Adjust font size:

Chinese manufacturing giant Red Sun Group is to invest 458 million U.S. dollars over the next five years into CAD CAM Automotive (CCA), an automotive component manufacturer in Coventry, it was announced Friday.

The multimillion dollar investment could create up to 1,000 new jobs to England's Midlands region, and would begin with an initial investment of 76 million U.S. dollars to create an energy and new power research and development centre.

Most of Britain's auto industry is located in the Midland region. Martyn Wheeler, managing director of CCA, said: "We're delighted to have agreed an investment deal which paves the way for an exciting growth program at CCA."

Red Sun Group is one of China's top 100 companies, employs more than 7,000 staff and has a turnover of over 3 billion U.S. dollars.

Yang Shou Hai, president of Red Sun Group, said: "Red Sun is on its way to becoming China's and a world pioneer in new technology, targeting entry into the global Top 500 companies by 2020. CCA will promote development with upstream and downstream companies and look to develop the supplier base for additional support." Endit