China International Marine Containers Group, the largest manufacturer of shipping containers in the world, plans to build a 3 billion Chinese yuan renminbi ($482 million) factory in Ningbo that will begin operating next year. A second stage will be completed in 2018, subject to market conditions.
Located in the Yinzhou Economic Development Zone, the plant will make various kinds of logistic equipment such as standard or special containers, CIMC said in a filing with the Hong Kong Stock Exchange
. It said annual production capacity of the factory will be 200,000 TEU initially and 450,000 TEU when fully completed.
“Leveraging on the gradual recovery of the global economy, as well as the steady increase in global containerization rate, it is expected that the long-term growing trend of demand for containers will continue in the future,” the company said. “It will benefit the group in further
fortifying and maintaining its leading position in the container industry.”