A bird's eye view of German-based Schaeffler (China) Co Ltd in Taicang, a county-level city in East China's Jiangsu province. [Photo/WeChat account: tcfbgw] 

German-based Schaeffler (China) Co Ltd on July 20 signed an agreement to invest $300 million in a factory that will produce electric drive systems for new energy vehicles and aviation bearings in Taicang, a county-level city in East China's Jiangsu province. 

The project is expected to generate a combined annual output value of 40 billion yuan ($5.93 billion) and contribute 4 billion yuan worth of taxes, according to authorities. 

Established in 1883, Schaeffler is a major manufacturer of bearings and auto mobile parts. The company first established a presence in Taicang in 1995, and it is presently the largest German intelligent manufacturing company in the province.

Presently, the company hires more than 7,000 staff across its six factories, a mold manufacturing base, a special equipment base, a dual vocational training center and a comprehensive service center in Taicang. 

The output of Schaeffler's Taicang operations for the first half of this year was worth 9.5 billion yuan. The company is expected to have an output value of more than 21 billion yuan for the whole year, a year-on-year increase of more than 10 percent.