Chinese producer of corrugated cases and boards, Xiamen Hexing Packaging Printing is set to invest CNY350m ($55m) to build auxiliary facilities in Haier innovation industrial park in Foshan, Guangdong.
The facilities, which cover an area of 118mu, will supply services to a number of Haier Group's units after it is put into operation, reports steelguru.com.
Foshan Hexin Packing, the wholly-owned subsidiary of Hexing Packaging Printing has signed an agreement with Foshan Haier Investment's management regarding construction, which is expected to be completed 18 months after buying land-use rights.
Haier planned a CNY10.8bn (1.7bn) investment to build the park which covers an area of 2,400mu, according to previous reports.
Hexing Packaging registered a 23% year over year (YoY) decline in net profit for the first quarter of 2012 to CNY9.43m ($1.49m) despite a 5.12% rise in revenue to CNY424m ($67m).
