Hollysys Automation Technologies to Acquire Sales and Marketing Company in Singapore; Opens New Regional Headquarters
Oct 10, 2007
Beijing, China – October 10, 2007 – Hollysys Automation Technologies, Ltd. ("Hollysys") today announced that it has begun its expansion outside of China by agreeing to acquire a technology products sales and marketing company based in Singapore at net asset value. This acquisition is subject to approval by Hollysys' Board of Directors. The company is owned by Mr. Yau Kiam Fee, a Director of Hollysys and former general manager of General Electric's industrial control operations in Asia. The company currently employs 6 sales professionals with experience in the selling of products such as Hollysys' automation systems, and expects to hire additional staff in the coming months.
The office where this company is based will be transformed into Hollysys' new regional headquarters and focus on business opportunities in the Asia/Pacific region outside of China, initially selling and marketing HollySys' (Hollysys' operating subsidiary in China) products and services. In 2008, the Company plans to expand its operations to encompass product assembly and take advantage of various subsidies available from the Singapore government for high tech companies assembling product in Singapore.
Dr. Wang Changli, Hollysys' Chief Executive Officer commented, "We are extremely pleased to begin international expansion by setting up our Southeast Asia Headquarters in Singapore with one of the premier executives in the automation control systems industry. Mr. Yau is a proven entrepreneur and executive, having previously established a control systems company which merged with Portek International and successfully listed on the Singapore Stock Exchange. He subsequently ran General Electric's industrial control division in Asia. Based on the successful experience of Mr. Yau in the region, combined with our high value, low-cost product portfolio, I am confident our international expansion will occur at a faster rate than initially anticipated."
Dr. Wang continued, "We have recently seen a surge of interest for our products from potential customers and large companies throughout Southeast Asia despite the fact that we do not have any sales force there. We feel that this new regional headquarters, strategically located in Singapore, will be able to facilitate our converting these prospective business opportunities into contracts as well as provide us with a sales and service force in the region."
Hollysys has become one of the leading automation systems providers in the PRC, developing a number of core technologies and completing over 4,700 projects utilizing a wide array of automation products. The Company specializes in the research, development, production, sale and distribution of industrial automation and control systems, competing effectively with both domestic Chinese companies and large, multinational participants in the industrial, rail and nuclear power sectors.
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