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Jite Technologies Inc. is pleased to announce that it has signed a purchase agreement to acquire 56 acres of land with 17,642 square meters of existing buildings in Kunshan Economic and Technological Development Zone, Jiangsu Province, China.
The new plant is purchased from Kunshan Jicheng Precision Components Co., Ltd. for a total consideration of RMB 28 million (approximately $ 4.7 million CAD) in cash. Jite intends to use the purchased land to relocate its existing manufacturing plant in Shenzhen. The present Jite Shenzhen plant was rented in 2006.
Kunshan Economic and Technological Development Zone, located to the Northwest of Shanghai City, was approved as a state-level economic development zone in August 1992. It is one of the largest electronic manufacturing bases in China.
"There were several considerations for Jite's intention to move its present Shenzhen plant to Kunshan," said Mr. Kevin Ming Zhang, CFO of Jite, "Kunshan is close to most of our suppliers in the Yangtze Delta area and it is also close to the representative offices of a large number of Jite's existing and future international customers. The new plant would be a good fit to Jite's current manufacturing capacity, and provide a large portion of land for potential expansion in the future."
About JITE
JITE designs and manufactures electronic and electrical connection devices for security, industrial control, automation, telecommunication, and power supply industries. JITE is headquartered in Toronto, Canada and carries out research and manufacturing operations in Shenzhen China at its ISO 9001 certified facility.
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