NETDA signs off up $100m essence, spice production plant
Representatives from the NETDA and Hong Kong Sei Cheng International Group sign an investment agreement on May 20. [Photo provided to NETDA]
The Nantong Economic and Technological Development Area, or NETDA and Hong Kong Sei Cheng International Group Co Limited signed an investment agreement in the area's Binjiang Convention Center on May 20.
Under the accord, Hong Kong Sei Cheng International Group will invest over $100 million to build an essence and spice plant in the NETDA, located in Nantong, a prefecture-level city located in East China's Jiangsu province.
Hong Kong Sei Cheng International Group is a big multinational company engaged in the research, development, production and supply of tea, fruit juice, coffee, dairy products, ice products, snacks and in other fields. It is one of the core suppliers of KFC, Costa and other leading food enterprises.
On completion, the plant in the NETDA will be the seventh plant built by the enterprise in China. The project is scheduled to start construction in the third quarter of the year, with the facility ramping up to annual output value of more than 1 billion yuan ($150.2 million).
The essence and spice industry is closely related to high-end food production. The NETDA has in recent years attracted a number of eco-friendly and high-value-added enterprises in the sector, such as Givaudan and Symrise.
With the arrival of the Hong Kong Sei Cheng International Group plant, the NETDA is planning to form a specialized industrial cluster with a complete supply chain in the essence and spice industry.