(Yicai Global) July 31 -- ProMinent Group has reportedly begun construction of a EUR47 million (USD51.8 million) plant in Shanghai, the German industrial meter maker’s single largest investment.

The new facility, which will research, development, make, and distribute products, will have an annual output value of CNY780 million (USD109.2 million) and pay CNY52 million (USD7.3 million) of taxes a year when it reaches capacity in 2028, The Paper reported on July 29.

Located in Lingang Special Area, an economic space in Shanghai's free trade zone, the plant is expected to come on stream by the end of next year, the report said.

It will likely account for 15 percent annually of ProMinent's global capacity, with its products made especially to meet the needs of the Chinese market, said Duan Yingze, chair of the company's Shanghai unit, The Paper noted.

Founded in 1960, ProMinent entered the Chinese market in 1994 when it set up its first local plant in Dalian, Liaoning province. In the past five years, its Chinese business grew about 15 percent, but existing capacity is insufficient to meet the firm's development needs, Duan added.

For a long time, ProMinent's focus in China has been on municipal services, Duan said. But in recent years, with the rapid development of China's new energy industry, business growth in this field has been very strong, he added, noting that ProMinent also made breakthroughs in the petrochemicals sector in the past two years, which will be the main focus of the new plant.

ProMinent has 11 plants and 50 sales companies worldwide and employs over 2,800 people, according to its website. The company sells products to about 100 countries.

Editor: Futura Costaglione