China Red Sun Group and CAD CAM Automotive have agreed a multi-million pound investment deal.
CAD CAM Automotive (CCA) and China Red Sun Group have agreed a multi-million pound deal that paves the way to creat 1,000 new jobs. Over the next five years an investment of £300m will be made with an initial investment of £50m on a new energy and new power complete vehicle research centre.
The deal has come about after China’s President Xi Jinping visited the UK earlier this year and announced after Ms. Huang Lixin, Party Secretary of Nanjing City and member of the standing committee of Jiangsung Provice, visited the CCA facility in Coventry.
Jiangsu Province contains more than an eighth of China’s manufacturing industries. Ms. Huang was accompanied by officials from economic departments as well as business leaders from the province. Mr. Yang Shou Hai, president of Red Sun Groupd, was one of the business leaders present and he officially confirmed the announcement during his visit to CCA.
CCA can trace roots back over 100 years and has a solid reputation in the UK automotive sector, Ms. Huang praised the firm’s high tec nature and creativity while touring the 30,000sq m facility in Coventry.
Red Sun Group is one of China’s Top 100 companies through branding and reputation and one of the Top 500 in manufacturing and private sector. The firm has over 7,000 employess and has a turnover of more than £2 billion.
Martyn Wheeler, managing director of CCA, said the firm now has its sights set on moving to a new purpose built facility following completion of the deal.
“We’re delighted to have agreed an investment deal which paves the way for an exciting growth programme at CAD CAM Automotive,” he said.
“CCA has been involved in the development of some of the world’s most iconic vehicles and Red Sun Group has recognised a great opportunity to be part of the exciting vision we have for the future of the company.
“The investment will enable us to move forward with our plans to build a new production facility which will create up to 1,000 new jobs.
“We’re in the process of identifying a development site, which we hope will be in the Coventry area and would continue the company’s long association with the city.”
Mr. Yang Shou Hai, president of Red Sun Group, said: “Red Sun is on its way to becoming China and the world’s pioneer in new technology, independent innovation and industrial models, attracting global attention, and targeting entry into the global Top 500 companies by 2020.
“CCA will promote development with upstream and downstream companies, create up to 1,000 jobs, and look to develop the supplier base for additional support.”
CCA signed the investment agreement with the Red Sun Group at an official event hosted by the China-Britain Business Council in London witnessed by Ms. Huang Lixin and officials from the China and UK governments.
