(Alliance News) - Weir Group PLC on Wednesday announced the official opening of its new USD60.0 million foundry in Xuzhou, China.
The Glasgow, Scotland-based mining technology company's new site occupies 16.5-acres in Xuzhou's High-Tech Industrial Zone and features "the very latest technology and equipment, incorporating high levels of automation."
The facility expands the company's capacity in China by over 30% and is expected to reduce costs by enhancing processes, optimising capacity, and improving efficiencies.
Weir's Chief Executive Officer Jon Stanton said: "This investment demonstrates our commitment to long-term presence and economic contribution in Xuzhou, ensuring Weir drives further efficiency and sustainability in our operations while supporting our continued growth as supplier of premium mining GET technology to customers worldwide."
Shares in Weir fell 1.2% to 1,910.00 pence in London on late Wednesday morning.
By Elijah Dale, Alliance News reporter
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Weir Group (WEIR)