China's Red Sun Group to invest $458m in British auto company

LONDON - Chinese manufacturing giant Red Sun Group is to invest $458 million over the next five years into CAD CAM Automotive (CCA), an automotive component manufacturer in Coventry.

The multimillion dollar investment could create up to 1,000 new jobs to England's Midlands region, and would begin with an initial investment of $76 million to create an energy and new power research and development center.

Most of Britain's auto industry is located in the Midland region. Martyn Wheeler, managing director of CCA, said: "We're delighted to have agreed an investment deal which paves the way for an exciting growth program at CCA."

Red Sun Group is one of China's top 100 companies, employs more than 7,000 staff and has a turnover of over $3 billion.

Yang Shou Hai, president of Red Sun Group, said: "Red Sun is on its way to becoming China's and a world pioneer in new technology, targeting entry into the global Top 500 companies by 2020. CCA will promote development with upstream and downstream companies and look to develop the supplier base for additional support."