The signing ceremony for Patec's molding equipment research, development, and manufacturing base is held in Wuxi. [Photo/WeChat account: xinwu_wx]
The signing ceremony for a molding equipment research, development, and manufacturing base of Singapore-based Patec Precision Industry Co took place on July 21 in the Wuxi National Hi-tech District.
The $50-million base will lease 10,000 square meters of standard factory in the Wuxi Xingzhou Industrial Park and is expected to generate 300 to 500 million yuan ($41.99 to 69.99 million) in annual operating revenue. More new businesses, such as the R&D and production of intelligent service robots, are likely to be introduced at the base.
Zhou Wendong, vice-mayor of Wuxi, said at the ceremony that Wuxi is one of the few integrated circuit industrial clusters in China with a scale surpassing 200 billion yuan and that the city's new energy sector is also flourishing.
Zhou noted that the precision molding equipment produced by Patec has wide applications in lithium-ion battery production and metal component manufacturing for the integrated circuit industry, aligning perfectly with the city's industrial development trajectory.
Wee Hongjie, chief executive officer of Patec, said the company is full of confidence for its development in Wuxi, as the city has an advantageous location and solid industrial base.
