Bonfiglioli China was inaugurated in Shanghai around the end of 2003, and we celebrated its 10th Anniversary on January 9th together with the 2014 annual party. During the last 10 years, Bonfiglioli China has established a very strong presence in the Chinese market with a very wide range of products and services in all business units of the Group. More than 90% of revenue is generated from local customers, and its importance to the Group has been increasing as well. The number of employees counted more than 160 people at the end of 2013, compared with less than 10 at the end of its first operating year.
To satisfy the rapid growth of local market, the Group has decided in late 2013 to build a modern factory in Shanghai to enhance the delivery efficiency and ensure quality of our products and services. The new factory is expected to be completed in the 3rd quarter of 2014, and all the production facilities are tentatively scheduled to move into the new location before the end of 2014. There will be two workshops with overall area more than 21,000 square meters in the facility, and many products will be assembled locally in this factory.
For the 10th Anniversary party we prepared one video with many historical photos of the last 10 years to show the treasure memory for all staff growing together with the Group. Some strategic clients and suppliers are invited to share our celebration of this historical milestone, and more important is to boost their confidence upon the development of Bonfiglioli China in the next decade.