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Euro-misi Lamination Jiaxing Co Ltd, a joint-venture by Italy-based EURO-GROUP and Japan-based Itochu Corp and Marubeni-Itochu Steel Inc, announced its expansion in Jiaxing on Jan 11.

According to Laszlo Kalas, who is in charge of the expansion project, Euro-misi Lamination will establish a factory in Jiaxing Science City, Nanhu district, with a total investment of $40 million.

The factory will be dedicated to the research and development of core components for the motors of electric vehicles and hybrid electrical vehicle, said Kalas.

The factory's degree of automation will reach 95 percent and its production lines will be compatible with more than 10 different products. It is expected to exceed 1 billion yuan ($157 million) in annual sales.

A signing ceremony held in Jiaxing on Jan 11. [Photo/cnjxol.com]