A signing ceremony for Polygena's R&D and manufacturing base is held in the WND. [Photo/WeChat account: xinwu_wx]

Polygena, a Swiss bearing manufacturer, signed an agreement on July 13 to build a research, development, and manufacturing base in the Wuxi National Hi-tech District, which is also known as Xinwu district or Wuxi New District.

The $100-million project is expected to be completed by the end of 2024. Once finished, it will produce 60 million precision automotive bearings and 6 million sets of rail bearing components annually, generating additional sales revenue of 1 billion yuan ($139.64 million).

Cui Rongguo, a Party official of the high-tech district, praised the remarkable development of Jesa Wuxi, a subsidiary of Polygena, and the company's contribution to the district. He added that the district will continue to provide high-quality services and a favorable environment to support its enterprises in enhancing market competitiveness and realizing their growth potential.

Valentin Buehler, chairman of the Polygena, said that the WND possesses an advantageous location, a solid industrial foundation, a strong development momentum, and a large group of high-end talents, which greatly favor the group's future development. Buehler also expressed his hope that the district will send a delegation to visit Polygena's headquarters in Switzerland to explore more cooperation opportunities.