In March, Jiangsu Newtech Technology Group Co., Ltd. (hereinafter referred to as Newtech) announced that it plans to increase the capital of its wholly-owned subsidiary Newtech (Hong Kong) Co., Ltd. (hereinafter referred to as Hong Kong Newtech) by no more than 40 million RMB in US dollars or euros, and to pay the capital as progress is made, and to establish a wholly-owned subsidiary NTG Europe GmbH (hereinafter referred to as NTG Europe) in Germany through Hong Kong Newtech.
Newtech was established in 2010 and is mainly engaged in the research, development, production and sales of aluminium castings and plastic parts in the fields of automotive suspension systems, automotive interior and exterior decoration, etc. It has production plants in Huai'an, Nantong, Jiangsu and Dongguan, Guangdong, and has a technical centre in Shanghai, creating a relatively complete industrial layout.
NTG stated that Europe is an important market for the global automotive industry and has extensive technical resources and talent in the field of automotive parts. The company's investment in the establishment of a wholly-owned subsidiary in Germany is in line with the company's business model and long-term development plan. NTG Europe will serve as NTG's research and development centre and international business development centre in Europe. It will focus on the development of automotive components related to the company's existing business, strengthen cooperation and exchanges with leading European automotive component manufacturers, and expand international business.
In the aluminium die casting business, Newtech has mastered core processes and technologies such as vacuum pressure casting technology, abnormality monitoring technology, ultra-low speed laminar flow casting and local extrusion technology, etc. The wholly-owned subsidiary Jiangsu Mayer Automotive Parts Co., Ltd. (referred to as Jiangsu Mayer), as a production site for Newtech's aluminium die-casting parts, is mainly engaged in the research and development, production and sales of shock absorber supports for vehicle suspension and other aluminium die-casting parts for vehicles, thereby supporting Newtech's business development.
Source: www.yzweekly.com
