Symax Lift (Holding) Co., Ltd. Announced New Facility Plan
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 10/25/11 -- Symax Lift (Holding) Co., Ltd. ("Symax") (TSX VENTURE: SYL), a developer and manufacturer of elevators and escalators with a manufacturing base in China, is pleased to announce that it will set up a new manufacturing facility in Wanzhou, Chongqing, China.
Symax recently completed a Land Use Purchase Agreement with the local government in Wanzhou. As a result, development of the manufacturing facility for this project is now ready to proceed. The project involves the development of three production lines in three stages, with production lines to be constructed in each of 2011, 2012 and 2013. Construction will commence in November 2011 and end in August 2013. Once all three elevator production lines are installed, capacity will reach 4000 elevator units per year. The total investment will be $10 million and the first line is expected to be put into production in June, 2012.
The setup of the Wanzhou manufacturing plant will allow Symax to better serve the booming Western China elevator market. This market represents 35% of the Chinese population and includes Chongqing and another 6 provinces. In Wanzhou City alone, there are 107.5 million square feet of housing development projects to be constructed in the next five years, representing elevator demand of more than 5000 units alone.
"This is an important milestone for our Company allowing us to substantially expand into the Western China elevator market," said Xiaoyan (Sabrina) Zhang, Symax's CEO. "This project will significantly enhance our competitiveness in these markets and across China generally. Our capability to serve our current and future customers in Western China will improve. We will be even better positioned to deliver quality products together with timely delivery of installation and maintenance services."
About Symax Lift (Holding) Co., Ltd.
Symax is in the business of the development, manufacturing, and sale of elevators, as well as the provision of after-sales services in China and worldwide. Symax's products and services are classified into two separate offerings; a main line of standardized products which include passenger elevators, goods/freight elevators, villa elevators, panorama elevators, hospital elevators, residential and commercial escalators and moving walkways; and customized elevator products.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Symax Lift (Holding) Co., Ltd.
Zu (Michael) Zheng
+1 416-238-5001
Symax Lift (Holding) Co., Ltd.
Meng (Matty) Li
+1 604-601-8224
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Datum: 25.10.2011 - 13:20 Uhr
Sprache: Deutsch
News-ID 79908
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TORONTO, ONTARIO
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Machinery & Tools
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