Taiwan-based TECO Electric & Machinery Co. hosted a groundbreaking ceremony for its green motor project on Jan 12 in Wuxi New District, Wuxi, Jiangsu province, the Wuxi Daily reported.
The $135 million project will produce medium and low-voltage motors, which will bring annual revenue of 450 million yuan ($68.4 million) and annual tax revenue of 41 million yuan.
The supportive investment environment is one of the reasons behind the company's decision to launch the project in Wuxi, according to Chiu Chun-chih, president of the company.
As one of the earliest Taiwan companies settling in the city, TECO Wuxi has already developed into the group's key manufacturing base on the Chinese mainland.
Currently, TECO has set up six companies in Wuxi New District with registered capital reaching $100 million.
TECO's future automation and high-precision projects are also expected to land in Wuxi.
The Taiwanese company, established in 1956, started out as an industrial motor manufacturer. Over the years, it has been engaged in home appliances, telecommunications equipment, IT systems, electromechanical components, commercial electronics, financial investment and catering.
