CITIC Dicastal to build €300m auto parts factory in Žďár nad Sázavou

CITIC Dicastal to build €300m auto parts factory in Žďár nad Sázavou

Published at: 2019-10-18 12:26 | Author: CIJEurope.com
The Chinese-owned supplier of aluminum auto parts CITIC Dicastal is planning to build a €300m factory with the Czech metallurgy and engineering company ŽĎAS. Discussions about the factory, which is to be built in Žďár nad Sázavou, was mentioned by Czech president Milos Zeman in a recent letter to the Chinese president and is to be confirmed at the upcoming Czech Chinese Investment Forum. The mayor of the town said he knew nothing about the plans but said he would welcome any investment that would result in higher value production with a long-term future. CITIC Dicastal, which owns ŽĎAS, is a subsidiary of CITIC Group, which bought up the Czech assets of the bankrupt Chinese investment company CEFC such as Slavia Prague and a shareholding in the Smartwings airline. President Zeman warned recently that CITIC would stop financing the development of Slavia Prague and that China would redirect flights away from the Czech capital because of issues such as the city's recognition of Tibet.

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