MoldTecs Automotive Systems Taicang Co is launched in Taicang, a county-level city in East China's Jiangsu province on Aug 2. [Photo provided to chinadaily.com.cn] 

MoldTecs Automotive Systems Taicang Co held a grand opening ceremony in Chengxiang town, Taicang, a county-level city in East China's Jiangsu province on Aug 2.

MoldTecs is a German-funded company sponsored by the Mutares Fund, and is expected to generate an annual output value of more than 500 million yuan ($69.72 million).

The 25-million-euro ($27.35 million) factory, which will be engaged in the manufacturing of high-performance plastic parts, has arrived in Taicang as a result of authorities making efforts to seek more investment in Europe last December.

A Taicang delegation visited the headquarters of the Mutares Fund in Munich in Germany at that time, and as a result of the visit, MoldTecs signed an agreement to establish a factory in Taicang in February.

A delegation led by Heiko Baufeld, CEO of MoldTecs Global, conducted a field survey in Taicang in March and gave a high appraisal of the city's business environment.

Sheng Haifeng, Party secretary of Chengxiang town, said at the opening ceremony that the establishment of MoldTecs will play a key role in bolstering the town's intelligent transport manufacturing industry and in building a complete auto spare parts industrial chain.

Sheng expressed the hope that the Mutares Fund will expand investment in the city in the future and noted that authorities will continue efforts to create a favorable business climate for market entities.

MoldTecs, headquartered in France, has established presences in the United States, Germany and China. Its sales across the globe exceed 500 million euros.