German Handtmann sets first Asian production base

(MENAFN) Handtmann Group, Germany's largest family-owned aluminum foundry, has established its wholly-owned subsidiary in the northern port city of Tianjin, China, Xinhua reported.

Handtmann Light Metal Foundry (Tianjin) Co., Ltd. is located in Tianjin Airport Economic Area, the administrative committee of the area said in a released statement.

With a total investment of about USD78.69 million, the new company is their first production base in Asia and will primarily manufacture gearbox shells and clutch housings for automaker Volkswagen.

It is estimated that its annual turnover would reach USD94.43 million by 2018. Last November, Volkswagen opened its new gearbox manufacturing plant in Tianjin with an investment of USD278.05 million.