Xiamen Tungsten Motor plans to invest in first phase plant project of Xiamen Centto Rare-Earth Permanent Magnet Motor Industrial Park
2020-12-29 16:47:29 [Print]
Xiamen Tungsten announced on December 28 that the company's board of directors reviewed and approved the proposal of its subsidiary, Xiamen Tungsten Motor Industry Co
. , Ltd . , to invest about RMB368 million (USD56 . 08 million) to build the first phase C zone plant in Xiamen Centto Rare-Earth Permanent Magnet Motor Industrial Park . This project will help the company build a rare-earth permanent magnet motor industry with industry influence and meet the company's future business development needs . The project is expected to be completed in July 2022 . After the completion, it's estimated that the average annual sales revenue would be approximately RMB34,905,200 (USD5,319,211) and the net profit would be approximately RMB1,568,200 (USD238,978).