Swedish industrial equipment manufacturer Atlas Copco Group officially agreed to build its industrial compressor research and development and manufacturing headquarters in Wuxi National Hi-tech District on Feb 21.

The project, with a total investment of 3 billion yuan ($473.2 million), will become the largest manufacturing and product R&D base for Atlas Copco's industrial compressor business outside its Belgian headquarters.

It is expected to meet growing demand in the compressor business in the Chinese market by promoting the R&D and manufacture of advanced products and providing reliable and energy-efficient compressed air solutions for the sustainable production of users in China and around the world, said Vagner Rego, president of the compressor technique area of Atlas Copco.

Atlas Copco Group is a world-leading provider of sustainable productivity solutions, engaged in developing and producing innovative compressors, vacuum solutions and air treatment systems, construction and mining equipment, power tools and assembly systems.

The group established its first production center in Wuxi - Atlas Copco Wuxi Compressor - in 1994. The subsidiary specializes in developing and manufacturing Atlas Copco's portable diesel and electric-driven compressors and generators, lighting towers and small to medium-sized industrial air and oil-free compressors for the global market.

Mats Rahmström, CEO of Atlas Copco, said the Wuxi branch is one of the company's most advanced branches. He noted that as a leading smart city in China, Wuxi has a solid manufacturing foundation, high-quality talent, a superior geographical location and good infrastructure, which has always been the focus of the group's layout.