Report: Fuyao founder planning a new U.S. factory

The chairman of Fuyao Global intends to build another factory in the southern United States, a Chinese publication is reporting.

China Daily paraphrases Fuyao Global Chairman Cho Tak Wong as saying Fuyao is “selecting a new site in the southern part of the U.S. this year to build a new factory.”

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“We will increase our investments to $1 billion in the U.S. and create 5,000 jobs,” the publication quotes Cho as saying.

In May 2014, Cho — also sometimes called Cao Dewang — bought a former General Motors assembly plant in Moraine to transform it into what has become the world’s largest auto glass production site, with more than 2,000 employees.

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In all, Fuyao has invested some $600 million into the plant, which will have the capacity to produce safety glass for one in four vehicles on American roads. The company also serves the replacement glass market.

“Although there are some voices going against the tide of globalization, we are determined to go abroad based on our own business development requirements and customers’ needs,” Cho told China Daily.

Fuyao, the parent company of Moraine’s Fuyao Glass America Inc., was profitable as a whole last year, even as its Moraine operation suffered about $41 million in losses

In the global company’s annual report, recently last month in English, Fuyao achieved a revenue of 16.6 billion renminbi (RMB), representing year-on-year growth of 22.45 percent, with a profit before income tax of 3.9 billion RMB.

A message seeking comment was sent to Fuyao officials Thursday.

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