Eleven months after the groundbreaking ceremony, Wuxi Teco Precision Industry embraced its opening ceremony on Nov 11 in Wuxi National Hi-Tech District (WND), East China's Jiangsu province.
The operation of Wuxi Teco Precision Industry ushers in a new phase of cooperation between WND and Taiwan-based Teco. [Photo provided to bizwnd.gov.cn]
Early in January 2016, Taiwan-based Teco Electric & Machinery invested $135 million for this green motor project, its sixth branch in WND.
The new Wuxi Teco will produce medium and low-voltage motors, and is expected to earn an annual revenue of 450 million yuan ($68.4 million) and an annual tax revenue of 41 million yuan.
Officials from Wuxi, WND and Teco attended the opening ceremony.
Wuxi Teco Precision Industry hosts its opening ceremony on Nov 11 in Wuxi National Hi-Tech District (WND), Jiangsu province. [Photo provided to bizwnd.gov.cn]
Feng Xiaochun, top official of WND, reviewed the district's cooperation with Teco and related achievements, expressing the hope that this win-win cooperation will continue to bring further benefits for both parties.
WND has decided to give priority toward developing the emerging Internet of Things (IoT) industry, and build specialized small towns based on IoT technology. It expects to have further cooperation with Teco in various fields, including intelligent manufacturing, high-end services and environmental protection.
The newly constructed Wuxi Teco Precision Industry in WND [Photo provided to bizwnd.gov.cn]
Sophia Chiu, chairman of Taiwan Teco, expressed her gratitude for the support from the WND government during the construction of Wuxi Teco Precision Industry.
The company will introduce advanced automatic production equipment and apply IoT-based technology to build an intelligent and environmentally friendly factory, she added.
The Taiwanese company, established in 1956, started out as an industrial motor manufacturer. Over the years, it has engaged in home appliances, telecommunications equipment, IT systems, electromechanical components, commercial electronics, financial investment and catering.