BOSCH Group has announced plans to invest 120 million euros (US$187 million) to build its Chinese headquarters in Shanghai as part of the localization to speed up development in China.
The world's leading auto parts company located its new hub in Shanghai Hongqiao Linkong Economic Zone, covering an area of 28,631 square meters, the company said.
The groudbreaking ceremony has been held recently, and the new facility is expected to be completed in 2010.
In addition to office areas, research and development facilities and training centers are additional functions for the hub to pave the way for meeting more local demand.
As China emerges as one of the major growth drivers in Asia Pacific, Rudolf Colm, head of the Asia Pacific region, said the company has committed its long-term strategy for the world's second-largest auto market.
By the end of 2007, Bosch had a total investment of 1 billion euros in China and additional 850 million euros will be invested in China by 2010.
Bosch has operated 37 legal entities in China since 1909, covering all business sectors, including automotive and industrial technology, consumer goods and building technology.