The Italian compressor maker ACC has signed an agreement with north China's municipality of Tianjian to further investment in its joint-venture in the city.
According to the agreement, the Tianjin joint-stock company's investment will be increased to 100 million U.S. dollars and ACC is planning to build new plants in the tax-free industrial zones near the city's airport.
The joint-venture, namely Zanussi Elettromeccanica Tianjin Compressor Co., Ltd., was established in 1993. It is one of the biggest refrigerator compressor manufacturers in China, possessing top-of-the-line technologies.
After expansion, the company is expected to churn out over 6 million freon-free refrigerator compressors, with a market share of 35 percent at home.
ACC is the largest compressor producer for household electric appliances in the world. It is planning to move its research center and component plant from the United States, Germany and Spain to Tianjin in order to make it into a global R&D center for freon-free refrigerator compressors.
(Xinhua News Agency December 28, 2005)