German group invests $50 million in Danang component factory

Germany’s Marquardt Group plans to develop an automotive component production factory with the initial investment capital between $35 and $50 million in the central province of Danang.

Although the group has yet to build a specific plan for the project, the construction is expected to be finished within two or three years. Once the factory comes into operation, it will create 600 jobs, 200 of which will be open for engineers and skilled technicians.

According to Marquardt representative Peter Schaumann, the group will train a base of high-quality human resources for Marquardt’s next projects, and Danang has good potential for developing skilled labour.

Tran Van Mien, Deputy Chairman of the Danang People’s Committee, said that the city had invested into modern infrastructure to welcome high-tech projects in general and Marquardt’s projects in particular. The province will provide favourable conditions for Marquardt during the construction process.

Established in 1925, Marquardt is a leading automotive component producer in Germany. The group currently has factories in 14 countries over the world, with over 8,500 employees. It specialises in supplying products for Mercedes Benz, BMW, Volkswagen, and General Motors. In 2015, Marquardt earned €1 billion ($1.11 billion) in revenue, 85 per cent of which came from the automotive component sector.

In May, U-Li Co., Ltd., a subsidiary of Taiwanese Chipech Group, held the ground-breaking ceremony of an automotive component production factory with the initial investment capital of $30 million in the northern province of Thai Binh.

Covering an area of 130,000 square metres, the project includes 13 workshops, an office building, a training centre, and other infrastructure units. Once the factory starts operation, it will create 3,000 jobs.

Source: vir

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