German steelmaker ThyssenKrupp has announced that it has opened a new automotive supply plant in Chengdu, Sichuan Province, China, with an investment of around $20 million. The company is now producing springs and stabilizers for the Chinese market with an annual production capacity of around three million springs and 1.5 million stabilizers.
The new plant is ThyssenKrupp's first production facility in western China and 60 percent owned by ThyssenKrupp and 40 percent by the Chinese component manufacturer Fawer Automotive Parts Ltd. Construction began in summer 2012 and the building was completed on schedule in spring this year. This was followed by installation of the production machinery and ramp-up of the lines. Production then began in October.
In the last two fiscal years, ThyssenKrupp has invested some €250 million in new supply plants for the Chinese automotive industry and now has seven production facilities in this technology segment in the country.