Qingdao, China – Mesnac has announced its plan to raise 1.27 billion yuan (€183 million) through private placement for four smart manufacturing projects in Qingdao, Shandong province.
The most expensive project is a tire equipment manufacturing site with $74 million investment. Construction of the new site is estimated to take two years. Its annual net profit and revenue are pegged at €10 million and €64 million respectively, according to Mesnac’s announcement on 24 Nov.
The project will realise intelligent and agile manufacturing as well as mass customization for equipment, and also include a big data centre for deep digging in the tire industry and value-added intelligent services.