The administrative examination and approval bureau of the Nantong Economic & Technological Development Area – located in Nantong city in East China's Jiangsu province – recently formally approved a major strategic accord with Suzhou Saitify Precision Technology Co Ltd.

NETDA officials signed an agreement under which the company will relocate to the zone and invest more than 1 billion yuan ($154 million) to build a manufacturing plant.

The plant will cover an area of about 4.6 hectares and mainly produce precision fixtures, precision molds and automation equipment.

The equipment investment of the project alone will exceed 400 million yuan and the plant itself will cover more than 50,000 square meters.

The sales and tax paid after production ramps up is projected to top 1.2 billion yuan and 30 million yuan per year, respectively.