A delegation from China flew into the West Midlands to finalise the merger deal between CCA and China Red Sun Group.
The deal involves an investment of £300m over the next five years, starting with an initial investment of £50m on a new energy and new power complete vehicle R&D centre.
A civic reception was held at St Mary’s Guildhall where a government delegation from Nanjing City, the capital city of Jiangsu Province, was hosted by delegates from the Coventry and Warwickshire LEP, Coventry City Council and CCA.
Among the delegation were Mr Chu Yonghong, vice mayor Nanjing Municipal Government and Shouhai Yang, chairman and president of Red Sun Group.
Red Sun Group is one of China’s Top 500 companies both in the manufacturing industry and private sector. It employs over 7,000 people and has a turnover of more than £2bn.
Managing director Martyn Wheeler said: “Red Sun Group has recognised a great opportunity to be part of the exciting vision we have for the future of the company and we were delighted to welcome the delegation to Coventry to finalise the deal and to arrange this civic reception.”
Jonathan Browning, chairman of the Coventry and Warwickshire LEP, added: “This major investment and job creation underlines Coventry and Warwickshire’s leading position in the UK within the automotive sector.
“The deal between CAD CAM Automotive and the China Red Sun Group is particularly exciting and will enable the company to expand significantly and increase their workforce which is a massive boost to the local economy – and it is the third major investment into the city from China in recent times.
“The team at the Coventry and Warwickshire Growth Hub has been working tirelessly for the last six months behind the scenes to help the successful completion of this merger.
“We are proud of our world-class expertise in automotive, engineering and research and design and we hope this deal will attract more international companies in the future to invest in companies in Coventry and Warwickshire.”
CCA - based on Holbrook Lane - is a high-technology, creative design, development and manufacturing company.
It can trace its roots back more than 100 years, and has a solid reputation in the UK automotive industry.