Steel tools maker Top-Eastern Drills Co Ltd opened on Wednesday a new plant in Dalian, Liaoning province. With a total investment of CNY 3.5 billion (USD 562.1 million), the newly built Dalian Top Eastern Industrial Park covers an area of 670,000 square meters in the Dalian Free Trade Zone.
The first phase of the project, which started operations on Wednesday, will produce 28,000 precise high speed steel tools and 10,000 tonnes of high-speed rolled products for export per year.
Mr Qi Shumin president of the company said that "The annual sales volume is expected to exceed CNY 2.2 billion after the first phase reaches its designed capacity."
Established in 1994, Dalian-based TDC has grown into a group with 3,500 employees and 12 subsidiaries around the world. It has set up manufacturing bases and sales centers in the United States, Germany, the United Kingdom, Canada, Mexico, and Brazil.
According to Mr Qi, the sales of TDC's main product, high-speed steel drills, account for 37 percent of the global market, ranking first in the world.
