German technology giant Heraeus opened a precious metals factory in Nanjing City, east China's Jiangsu Province Wednesday to increase its presence in the rapidly-growing market in China.

With a total investment of 120 million U.S. dollars, the new factory, Heraeus Precious Metal Technology (China) Co. Ltd., covering an area of 84,000 square meters, will recycle and produce precious metal-based products for use in petrochemical, automobile, pharmaceutical, and other industries.

Heraeus claimed it to be its most advanced precious metals factory, with 70 percent automated production processes. It is expected to improve the company's recycling capacity of precious metals from 700 to 3,000 tonnes a year and triple its annual processing capacity in China.

China is the world's largest consumer of platinum group metals, accounting for around 30 percent of global demand, according to the World Platinum Investment Council. One of the main uses of platinum group metals is in catalytic converters to cut vehicle emissions.

"The Nanjing plant will allow us to remain close to our local customers, and better serve them with our global capabilities," said Heraeus CEO Jan Rinnert.

Heraeus is a leading international family-owned company formed in 1851, whose portfolio ranges from components to coordinated material systems which are used in a wide variety of industries.