Hanwha TechM opens a production subsidiary in ChinaHanwha TechM, one of the nation’s leading manufacturers of industrial machinery and technology systems, said yesterday it has established a Chinese unit.
Some 80 guests participated in an inauguration ceremony in Zhangjiagang, Jiangsu Province. Hanwha TechM has already had an office in Shanghai since 2003, but this is the first time it has established an actual company in China.
It invested 9 billion won ($8 million) and will set up a production line. Hanwha TechM manufactures machinery and powertrains for automobiles.
The affiliate of Hanwha Group, the nation’s 10th-largest conglomerate, said that since China’s industry is growing, it decided to set up a subsidiary there in order to win more business.