Highway Holdings Receives Approval From European Customer to Utilize Myanmar
Operations for Manufacturing
HONG KONG, Nov. 25, 2013 (GLOBE NEWSWIRE) -- Highway Holdings Limited
(Nasdaq:HIHO) today announced it has received approval from one of its leading
European Fortune 500 customers for assembly manufacturing of one series of
electric synchronous motors at the company's subcontracting facility in
Assembly production, which was approved following extensive testing and
quality control evaluation, has commenced and finished products are being
shipped directly to the customer's factory in Germany.
"The assembly of these motors in Myanmar complements our component
manufacturing operation in China and enables us to realize meaningful
cost-savings and a competitive advantage, while maintaining the highest
quality standards. We appreciate our customer's confidence in our capabilities
and support; and, we are gratified that this more than 10-year relationship
continues to flourish," said Roland Kohl, chairman, president and chief
executive officer of Highway Holdings.
Kohl noted he expects the customer's entire line of synchronous motors will be
assembled in Myanmar by September 2014, at the latest. He added that this is
Highway Holdings' second major customer to utilize its capabilities in
Myanmar, with strong expectations that additional businesses will transition
assembly work to the company's operation in this country to take advantage of
the significant cost benefits.
About Highway Holdings
Highway Holdings produces a wide variety of high-quality products for blue
chip original equipment manufacturers -- from simple parts and components to
sub-assemblies and finished products.Highway Holdings' administrative offices
are located in Hong Kong, and its manufacturing facilities are located in
Shenzhen in the People's Republic of China.
Except for the historical information contained herein, the matters discussed
in this press release are forward-looking statements which involve risks and
uncertainties, including but not limited to economic, competitive,
governmental, political and technological factors affecting the company's
revenues, operations, markets, products and prices, and other factors
discussed in the company's various filings with the Securities and Exchange
Commission, including without limitation, the company's annual reports on Form
CONTACT: Gary S. Maier
Maier & Company, Inc.
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