A civic reception has been held in Coventry to mark the completion of a major investment deal which will create up to 1,000 new jobs at CAD CAM Automotive (CCA).
A delegation from China was in Coventry to finalise the merger deal between CCA and China Red Sun Group.
The deal involves an investment of £300 million pounds over the next five years, starting with an initial investment of £50 million on a new energy and new power complete vehicle research and development centre.
A civic reception was held at St Mary’s Guildhall where a government delegation from Nanjing City, the capital city of Jiangsu Province, was hosted by Jonathan Browning, chairman of the Coventry and Warwickshire Local Enterprise Partnership, Cllr Anne Lucas, leader of Coventry City Council and CCA managing director Martyn Wheeler.
Among the delegation were Mr Chu Yonghong, Vice Mayor Nanjing Municipal Government and Mr Shouhai Yang, chairman and president of Red Sun Group.
Red Sun Group is one of China’s Top 500 companies both in the manufacturing industry and private sector. It employs over 7,000 people and has a turnover of more than £2 billion.
CCA – based on Holbrook Lane – is a high-technology, creative design, development and manufacturing company. It can trace its roots back more than 100 years, and has a solid reputation in the UK automotive industry.
Managing director Wheeler said: “Red Sun Group has recognised a great opportunity to be part of the exciting vision we have for the future of the company and we were delighted to welcome the delegation to Coventry to finalise the deal and to arrange this civic reception.”
Jonathan Browning, chairman of the Coventry and Warwickshire Local Enterprise Partnership (CWLEP), added: “This major investment and job creation underlines Coventry and Warwickshire’s leading position in the UK within the automotive sector.
“The deal between CAD CAM Automotive and the China Red Sun Group is particularly exciting and will enable the company to expand significantly and increase their workforce which is a massive boost to the local economy – and it is the third major investment into the city from China in recent times.
“The team at the Coventry and Warwickshire Growth Hub has been working tirelessly for the last six months behind the scenes to help the successful completion of this merger.
“We are proud of our world-class expertise in automotive, engineering and research and design and we hope this deal will attract more international companies in the future to invest in companies in Coventry and Warwickshire.”
Cllr Ann Lucas, leader of Coventry City Council, said: “CAD CAM Automotive is a big success story for Coventry and its exciting plans for the future paves the way for the creation of hundreds of new jobs for our area.
“The company attracting inward investment of this scale from China outlines what a great city and region this is to do business and we look forward to working CAD CAM Automotive to support its planned expansion.
“We were delighted to host the delegation and hope that it is the start of a long and prosperous relationship.”