cross-posted from: lemmy.zip/post/54194025
“Today, it’s not competitive any more to bring [products] into China when there’s local competition,” said Conrad Keijzer, chief executive of Swiss chemical maker Clariant.
The company is spending SFr180mn ($226mn) expanding its plant in China’s Daya Bay petrochemical hub, where last year Germany’s BASF and Shell also announced big investments.
German auto supplier ZF Friedrichshafen, for example, recently announced job cuts of 7,600 in Europe by 2030, less than a year after announcing its latest expansion in Shenyang, north-eastern China. Automotive parts maker Schaeffler, which told state media in China it planned to double its business in the country in six to seven years, has announced the closure of some of its European operations and gross job cuts of 4,700.
French engineering group Schneider, Danish power-train maker Danfoss and wind turbine maker Vestas and pharmaceutical companies including Swiss drugmaker Roche and AstraZeneca have all also recently announced China expansions or factory upgrades.