© fotosonar dreamstime.com Electronics Production | November 06, 2012
Nam Tai to move out of the FPC business
After the final evaluation on the viability of its flexible printed circuit business, Nam Tai has decided to discontinue its FPC business at the end of March 2013, the company said in their fiscal report.
EMS-provider Nam Tai Electronics reports net income of USD 24.5 million, up from USD 1.1 million a year ago. Net sales, which benefitted from an increase in the production of LCMs for smart phones and tablets, stood at USD 380.3 million in 3Q (ended September 30, 2012), a surge of 198% from USD 127.6 million for the prior-year period. Nam Tai also updated on the expansion plans for Wuxi City and Shenzhen City. Expansion Project in Wuxi City, PRC The Company had purchased a parcel of land of approximately 470,000 square feet from the Wuxi government for the expansion of its Wuxi manufacturing facility. The construction of the facility’s new additions is expected to be completed by August 2014. Expansion Project in Shenzhen City, PRC The Company is still actively and closely working with the Shenzhen government to expedite the release of a parcel of land in Shenzhen, Guangming Hi-Tech Industrial Park of approximately 1,270,000 square feet. The Shenzhen government recently announced a city rezoning project for an area that encompasses the Company’s existing Shenzhen facility. As a result, the location of the Company’s existing Shenzhen facility will be redeveloped as an high-end commercial district area and will no longer be suitable for any manufacturing factory thereafter. The Company has been requested to move out from the existing facility in due course and therefore has placed the need for relocation in high priority. The Company plans to continue to focus its efforts to facilitate the Shenzhen government to release the land in Guangming for its relocation, expansion and development needs at the earliest practical time. The Company currently aims to move into the new location in Guangming within 4 three years. Subsequent to this relocation, the Company will continue to hold the existing location of its Shenzhen manufacturing facility, as a significant valuable asset for the time being.
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