KUALA LUMPUR (Dec 23): CHIN WELL HOLDINGS BHD [] expects to sustain overseas revenue contribution going forward, and focus on expanding its market share in Europe as well as emerging Asia and North America, said its managing director Tsai Yung Chuan.
He said whilst the company would take advantage of the European Union’s (EU) listing of Chin Well as one of the 8 Malaysian companies exempted from import duty, it will not ignore markets in emerging Asia as well as North America.
The manufacturer of carbon steel fasteners exports its screws, bolts, and nuts to 39 countries in 5 continents.
Tsai said that over the years, the company had exported to an increasing number of countries in Europe, Asia, and North America, and more than doubled its overseas revenues to about RM400 million in just 5 years.
“Our market development strategy has indeed solidified the group’s position as the leading player in Malaysia and South East Asia,” he said in a statement Friday.
Tsai said Chin Well’s export revenues contributed about 78% to the Group’s revenue of RM502.6 million in FY2011, versus 56% in FY2006.
He said the company intended to increase our man-hour capacity, in addition to improving our cost efficiency to maintain price competitive as part of developing its new markets.
Chin Well’s total workforce currently stands at 1,080 in both facilities in Bukit Mertajam, Penang, and Nhon Trach District, Vietnam.
Tsai said the company plans to increase the workforce by 10% in the current financial year in order to cope with the increased demand for fasteners.
He said the company did not expect heavy investment in capital expenditure in the near term, since it had ample production capacity in both facilities in Penang and Vietnam, both of which were operating at about 60% utilisation rates.
In July 2011, the EU listed Chin Well as one of eight Malaysian fastener manufacturers exempt from the 85% anti-dumping duty for exports to Europe, in an attempt to circumvent transhipment of China-made fasteners through Malaysia-based fastener producers.
The EU had earlier in January 2009 imposed a five-year tariff of up to 87.5% on imports of China-made fasteners to Europe, in an attempt to reinstate fair competition in global market.
He said whilst the company would take advantage of the European Union’s (EU) listing of Chin Well as one of the 8 Malaysian companies exempted from import duty, it will not ignore markets in emerging Asia as well as North America.
The manufacturer of carbon steel fasteners exports its screws, bolts, and nuts to 39 countries in 5 continents.
Tsai said that over the years, the company had exported to an increasing number of countries in Europe, Asia, and North America, and more than doubled its overseas revenues to about RM400 million in just 5 years.
“Our market development strategy has indeed solidified the group’s position as the leading player in Malaysia and South East Asia,” he said in a statement Friday.
Tsai said Chin Well’s export revenues contributed about 78% to the Group’s revenue of RM502.6 million in FY2011, versus 56% in FY2006.
He said the company intended to increase our man-hour capacity, in addition to improving our cost efficiency to maintain price competitive as part of developing its new markets.
Chin Well’s total workforce currently stands at 1,080 in both facilities in Bukit Mertajam, Penang, and Nhon Trach District, Vietnam.
Tsai said the company plans to increase the workforce by 10% in the current financial year in order to cope with the increased demand for fasteners.
He said the company did not expect heavy investment in capital expenditure in the near term, since it had ample production capacity in both facilities in Penang and Vietnam, both of which were operating at about 60% utilisation rates.
In July 2011, the EU listed Chin Well as one of eight Malaysian fastener manufacturers exempt from the 85% anti-dumping duty for exports to Europe, in an attempt to circumvent transhipment of China-made fasteners through Malaysia-based fastener producers.
The EU had earlier in January 2009 imposed a five-year tariff of up to 87.5% on imports of China-made fasteners to Europe, in an attempt to reinstate fair competition in global market.
