Italy's Univer to establish China HQ with 300-mln-yuan investment

NANJING, Nov. 18 (Xinhua) -- Italian industrial automation company Univer Group on Tuesday signed a 300-million-yuan (about 42 million U.S. dollars) investment agreement with Taicang City, east China's Jiangsu Province, to establish its China headquarters.

The project will involve R&D as well as the production of pneumatic components and clamping cylinders. It is expected to generate an annual output value exceeding 500 million yuan.