Foundations were laid for Changzhou AgieCharmilles Machine Tool Co., Ltd., which involves an investment of US$ 18 million from AgieCharmilles under Georg Fischer of Switzerland, in the Hehai Industrial Park of the Changzhou National Hi-Tech District in Jiangsu Province on the morning of March 7. Hans-Peter Willi, Consul of the Consulate General of Switzerland in Shanghai, among others, attended the foundation-laying ceremony.

Changzhou AgieCharmilles Machine Tool Co., Ltd., with a registered capital of US$ 9 million, will be mainly engaged in the design, development, production and maintenance of five-axle high-speed machine tools and spare parts. After the project is completed, the company will have an annual production capacity of 700 five-axle high-speed machine tools and realize an annual sales income of RMB 500 million.

Georg Fischer is a leading transnational industrial group in the world (hereinafter abbreviated to the "GF Group"). Founded in 1802, it's a listed company headquartered in Schaffhausen of Switzerland. The company mainly has three core businesses, i.e. auto products, piping systems and AgieCharmilles precision machine tools. Its business covers more than 140 countries and regions, its employees a total of 12,000 in the world and its annual sales are about 4 billion Swiss francs, equivalent to about RMB 25 billion. Therein AgieCharmilles is a world-famous supplier of processing mould production systems and has many famous brands, such as Agie, Charmilles and Mikron. Its EDM, WEDM and HSM are the best in the world. The GF Group already has 21 subsidiary companies in China and their total annual sales, with an average growth rate of as high as 30% and under a continuous growth momentum, are RMB 2 billion now.

Jurg Krebser, CEO of AgieCharmilles, described the foundation laying on that day as "another milestone." He said the Chinese market was particularly important for the group's business development in the world and it would try to make its business in China account for more than 50% of the total in Asia. Nowadays China is one of the largest and fastest growing markets for milling machines in the world. The company decided to invest in and establish a milling machine production base after the establishment of its factory in Beijing.

After long and careful investigation and analysis, AgieCharmilles decided to establish its second manufacturing enterprise in China in the Changzhou Hi- Tech District because the great support, high efficiency and good service of the local government and also because of the solid industrial basis, a large number of processing enterprises, good geographic position, convenient communications for flow of goods and numerous high-quality technicians here, which will provide strong support for R&D and sale of products. Finally, he expressed confidence that the new enterprise would realize rapid development in a short period of time.

For more information, please contact:

Zhongliang Wang

Changzhou National Hi-Tech District

Tel: +86-519-8512-7305

Fax: +86-519-8511-5905