The groundbreaking ceremony for a new alloy pressure pipeline plant, to be erected in the Hongqiao Industrial Park in Taixing city, located in East China's Jiangsu province, took place on May 8.
With a planned investment of $100 million, the project is being funded by Wuxi Huashi Steel Tubes Co Ltd, based in Wuxi city in the province.
The company is a big equipment component manufacturing and service conglomerate that integrates production and manufacturing, sales and processing, as well as warehousing and logistics.
The plant is projected to produce 100,000 metric tons of new energy alloy pressure pipelines annually, applied in fields such as new energy vehicles and shipbuilding.
At full capacity, it's forecast to generate invoiced sales of 1 billion yuan ($138.03 million) per annum and employ 200 people.
Taixing's Hongqiao region is regarded as being a frontier for the city to connect with southern Jiangsu and the Hongqiao Industrial Park has become an important driver that is helping to boost high-quality regional economic development.
An artist's rendering of the new alloy pressure pipeline plant. [Photo/WeChat account: txfabu]