W L Gore & Associates Inc, a leading producer of advanced technology products for fabrics, industrial and medical markets, which is present in the Chinese market for over a decade, intends to set up a second fabric manufacturing plant in Shenzhen this year.
The Shenzhen facility, proposed to be set up with an investment of US$ 20 million, would be the first fabric manufacturing facility of the US-based firm in Asia.
In spite of the fact that not many foreign direct investments are getting attracted towards China at present, the firm plans to enhance its presence in China by investing in the new plant. The new project is expected to boost the firm's annual sales by 50 percent.
The company based in Newark, New Jersey, made around US$ 3 billion in sales during last year, while it's compounded sales growth rate for the past five years comes to around 10 percent.
Gore has invested US$ 70 million in Shenzhen over the last 10 years.
Fibre2fashion News Desk - India