Italian auto components maker Magneti Marelli SpA is aiming for growth in China with a new automotive plant in Foshan, in the Guangdong province.
"The opening of this new plant represents an important milestone for the history and presence of Magneti Marelli Automotive Lighting in China, where we plan to grow significantly in the following years," Sylvain Dubois, general manager of Automotive Lighting China, said in a statement.
The company inaugurated the 30 million euro plant, which will initially produce rear lights and later on front headlamps and electronic lighting components, on May 16. The industrial site covers a total surface area of 26,500 square meters and will house some 300 employees.
The opening of the plant is in line with plans laid out at the Auto Shanghai 2013 show; for the company to use its growth in China to increase sales to 1 billion euros within four or five years.
The firm wants take hold of 10 percent of the market share in china and already has operations in Wuhu and Shanghai.
Most of what the plant makes will be sold in China, with some exported to Japan.
