Samsung SDI, a subsidiary of South Korea's Samsung Group, announced on Feb 24 that its Wuxi-based polarized film project has finished construction, the Wuxi Daily reported.

Samsung SDI holds a completion ceremony for its Wuxi-based polarized film project on Feb 24. [Photo/wnd.gov.cn]

Li Xiaomin, Party secretary of Wuxi, Wang Quan, mayor of Wuxi and Cho Nam-seong, president of Samsung SDI, attended the completion ceremony.

Li Xiaomin (right), Party secretary of Wuxi, and Cho Nam-seong (left), president of Samsung SDI discuss further cooperation on Feb 24. [Photo/wnd.gov.cn]

A global leading supplier of polarized film, small-sized lithium-ion batteries and automotive batteries, Samsung SDI signed a cooperative agreement with the Wuxi National Hi-tech District (Xinwu District) in May 2015. The project obtained a capital increase of $120 million in April 2016, making for a total investment of $340 million. Beginning mass production in Oct 2016, this year’s annual sales revenue for the new polarized film project is expected to reach 5 billion yuan ($728 million).

Wang Quan, mayor of Wuxi, makes speech at the completion ceremony for Samsung SDI's polarized film project on Feb 24. [Photo/wnd.gov.cn]

Li praised Samsung SDI's achievements in global new energy development and hopes the polarized film project will pave the way for further cooperation between Wuxi and Samsung SDI in other fields. He also pledged that the government will provide favorable policies and a sound business environment for the company's expansion.

Samsung SDI is optimistic about China's polarized film market and content in cooperating with the Xinwu District due to its regional advantages and government support, said Cho. He also expressed his hopes that the project will become a model for Samsung SDI's overseas cooperation projects, laying the foundation for future cooperation between the two sides.