The municipal government of Nanjing signed a strategic cooperation agreement on Monday with Gree Electric Appliances Inc on the establishment of air-conditioning intelligent manufacturing base in Nanjing.
Gree Electric Appliances will launch the central air-conditioning intelligent manufacturing base and supporting projects in Jiangning High-tech Park, according to the agreement.
The phase I project of the intelligent manufacturing base will mainly produces central air-conditioning and ancillary products with 10 billion yuan planned for total investment.
Upon its completion, the entire project will become Gree’s largest central air-conditioning intelligent manufacturing base in the country.
Shenzhen-listed Gree Electric Appliances Inc. has become the world's largest air-conditioner manufacturer with an annual production capacity of 10 million units, following the completion of its fifth-phase expansion project in Zhuhai recently. The company has a market cap of 151 billion yuan or $22 billion, and posted revenue of 82 billion yuan in the first nine months of 2016, according to S&P Capital IQ data. It employs some 70,000 people.
Before the signing ceremony, Lou Qinjian, secretary of the CPC Jiangsu Provincial Committee, met with Dong Mingzhu, chairwoman and president of Gree Electric Appliances. Wu Zhenglong, governor of Jiangsu, attended the signing ceremony.
