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Civic Reception for £300m Chinese Investment
2016-03-14
Brief:A DEAL heralding a £300m investment into Coventry by the Chinese has been commemorated at a civic reception in the city.
The deal marks 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 £300m will be invested over the next five years, starting with an initial investment of £50m on a new energy and new power complete vehicle research and development centre. 
 
A 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 £2bn. 
 
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. 
 
Mr 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 added that the investment underlined the strength of Coventry and Warwickshire’s 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,” he said.
 
Pictured from left: Chu Yonghong (Vice Mayor, Nanjing Municipal Government), Cllr Ann Lucas and Lindsley Harvard (Deputy Lord Mayor, Coventry City Council).  Rear (from left): Yang Shouhai (Chairman and President of Red Sun Group), Martin Wheeler (CAD CAM Automotive), Jonathan Browning (Coventry and Warwickshire LEP).

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