Fuyao Glass to invest $420m in overseas plants

Fuyao Glass Industry Group, China's largest automobile glass manufacturer, said on Wednesday it will invest $420 million to set up production bases in the United States and Russia, in a further step to tap into high-end overseas markets.

The company will invest $200 million to build a safety glass plant in the US, and $220 million to establish a base to supply raw materials for its safety glass plant in the Russian market, it said.

"We aim to enter high-end foreign markets by establishing localized production bases to strengthen our cooperation with customers in developed markets, including the US and Russia," Cao Dewang, founder and chairman of the company, told China Daily.