Precision Tsugami (China) Corp., a wholly owned subsidiary of Precision Tsugami (China) Corp. Ltd. (HKG:1651), will acquire a parcel of land in China's Pinghu Economic Technological Development Zone, according to a Thursday bourse filing.
The high precision machine tool manufacturer plans to construct a new production plant on the land.
The acqusition will allow the company to grow its production capacity and meet the strong demand for computerized numerical control (CNC) high precision machine tools.
The surge in demand stems from the rapid expansion of downstream industries such automotive, especially new energy vehicles, and humanoid robot and artificial intelligence, the company said.
The move will further strengthen the group's position in the industry, boost competitiveness, and anchor high-quality development of the CNC high precision machine tool supply chain in the said development zone.
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