With an investment of 2.8 billion yuan (about 388 million U.S. dollars), the plant of the new base covers an area of 200,000 square meters and houses 192 production lines. By using advanced manufacturing technology and an intelligent logistics management system, the automation rate of the production lines can reach 70 percent, according to the company.
After the production lines go into operation at the end of 2023, 80 percent of the output will be exported to the international market. After reaching the production capacity and standard in 2025, the annual output value of the base is expected to exceed 5 billion yuan.
Eric Rondolat, CEO of Signify, said the company has been in the Chinese market for many years. Expansion of the Chinese market is a vital part of the global business strategy of Signify. In the future, the company will continue to increase investment in China in terms of production capacity, research and development, and talent.
In 2018, Philips Lighting, a Dutch multinational lighting company, officially changed its name to Signify. It now boasts nine manufacturing factories and the world’s second-largest research and development center in China