Hollysys Automation Technologies Named 2007 Top 50 Global Automation Vendor by ARC Advisory Group and Control Magazine
Jan 4, 2008
Hollysys is the Only China-Based Vendor in the Top 50;
ARC Expects Market for Programmable Logic Controllers
in China to Grow at 12.4% Over the Next 5 Years
Beijing, China – January 4, 2008 – Hollysys Automation Technologies, Ltd. ("Hollysys") today announced that the Company's operating subsidiary, Beijing HollySys Co., Ltd., was named as one of the "Top 50 Global Automation Vendors in 2007" by ARC Advisory Group ("ARC") and CONTROL magazine. HollySys is the only China-based vendor included on the list, which can be viewed in its entirety in the magazine's December issue or at www.controlglobal.com/articles/2007/454.html.
ARC also recently published a study entitled, "Programmable Logic Controllers Outlook for China," and noted that it expects the China market for Programmable Logic Controllers ("PLCs") to grow at a compounded annual growth rate of 12.4% over the next five years. PLCs are advanced digital computers used for automation of industrial processes. The PLC market in China was close to $750 million in 2006 and is forecasted to be over $1.3 billion in 2011.
"The manufacturing sector's search for sustainable competitive advantages through continuous productivity improvements will lead to the application of plant level automation across all vertical industries in a major way. These developments will spur the growth of the PLC market in China," according to Senior Analyst Himanshu Shah, co-author of the study. The announcement can be viewed in its entirety at: http://www.arcweb.com/txtlstvw.aspx?LstID=e7382c62-cddf-4670-bf65-26191d76a8f8.
Dr. Wang Changli, Hollysys' Chief Executive Officer, stated, "This is a very exciting and important recognition for Hollysys, as the goal of our management team is to expand our presence within China and to grow Hollysys into an internationally recognized provider of automation designs, products and services. This ranking is a reflection of the dedication and hard work of our 1,500 employees, and we are very grateful for their efforts. Further, the recent study from ARC regarding the projected growth of the PLC market in China mirrors our own projections for this segment of our industrial, nuclear, and rail business. We plan to introduce and rollout of Hollysys' new LK series large-scale PLCs and begin generating revenue in 2008. This LK series meets the requirements of system integrators worldwide for both continuous and discrete applications."
Founded in 1986, ARC Advisory Group is the leading research and advisory firm in manufacturing and supply chain solutions. CONTROL is the only magazine exclusively dedicated to the global process automation market with a readership of 65,000 plus engineering, operations and management professionals.
Hollysys has become one of the leading automation systems providers in the PRC, developing a number of core technologies and completing numerous 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.
For further information: CONTACT: Jennifer Zhang or Serena Wu Investor Relations & Corporate Communications P.R. China: +86(10) 5898-1386 United States: +1(646) 593-8125 Email: mailto: email@example.com