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On March 18, the key enterprise of the “861†action plan in Anhui Province, and the second phase of Wanxiang Qianchao Bearing Co., Ltd. was officially started construction in Huainan Economic and Technological Development Zone. The project has a total investment of 100 million yuan and an annual output of 30 million sets of special bearings. It is expected to be completed and put into production during the year. This is a major strategic move by Wanxiang Group to specialize in Huainan, a large-scale bearing production base, and then to radiate the central and western regions.
Zhejiang Wanxiang Group is a private multinational company ranked among the top 500 companies in the country. It mainly produces automotive components such as bearings and brakes. At the end of 2001, the Group successfully reorganized the original Huainan Bearing Company and invested in the Wanxiang Qianchao Bearing Industrial Park in Huainan Economic and Technological Development Zone. The current bearing production capacity reaches 20 million sets per year. After the second phase of the project is put into production, 50 million sets of bearing production scale will be formed, achieving a total production and sales value of 500 million yuan.