On November 21, Vanward (Egypt) Electric Co., Ltd. (hereinafter referred to as "Vanward Egypt") has signed the cooperation agreement with Egypt TEDA SETC Zone Development Company (hereinafter referred to as "Egypt TEDA"). The investment of Egyptian production base is one of the key cooperation to expand Vanward's international blueprint.
Funded by Hongkong Vanward and Vanston Inc., Vanward Egypt project will build a production line in Suez Governorate with a predicted capacity of 2 million sets of calorifier components and 500 thousand sets of calorifier per year.
Signing ceremony betwen Vanward & TEDA
The total investment of the project shall not exceed 80 million yuan. Covering an area of 26 thousand square meters, the estimated timeline of construction is 12 months.
Commented by Lu Yucong, the Chairman of Vanward, building the first oversea production base is a solid step for Vanward to expand their international investment and oversea market.
Author | Eddie
Revisor | Linn, Eleanor
Source | Foshan Daily