Monday afternoon witnessed the holding of a grand opening ceremony of Rakon Crystal (Chengdu) Co., Ltd in the Chengdu High-tech Zone in the capital of Southwest China's Sichuan province.

The New Zealand-based Rakon Group is a world leader in crystal and oscillator technology and the GPS, telecommunications network and aerospace market.

With a registered capital of US$20 million and an investment $90 million, the Rakon Crystal (Chengdu) Co., Ltd will engage mainly in high stability temperature compensated crystal oscillator production..

At the outset, the company will have six production lines yielding 5 million oscillators each month. The number of lines would expand to 24 in line with the market mood, said group chairman Bryan Mogridge.

According to Chengdu mayor Ge Honglin, Rakon's presence in Chengdu will enhance local technological capabilities, help train local technical talent and stimulate development of related local industries.