CARLSTADT, N.J., Jan. 23, 2013 /PRNewswire/ -- Jinpan International Ltd (NASDAQ: JST), a leading designer, manufacturer, and distributor of cast resin transformers, today announced that the Company has completed construction of a new cast resin transformer manufacturing facility in Guilin, Guangxi, China ("Guilin Facility").
The Guilin Facility is built on thirty-eight acres of land zoned for industrial development acquired by the Company in 2011. The Company has completed construction of four factory buildings, three employee dormitory buildings, and one multifunctional office building, which comprise the Guilin Facility. This facility has been equipped with state of the art equipment for the manufacture of cast resin transformers. At this stage, the Company is calibrating manufacturing equipment and running trial production at the Guilin Facility. Management expects the Guilin Facility to begin formal operations in March 2013 and to gradually ramp up production over the next two to three year period.
Mr. Zhiyuan Li, Chief Executive Officer of Jinpan commented, "We are pleased to complete construction of our new cast resin manufacturing facility in Guilin. Integrating nearly twenty years of manufacturing expertise and experience and equipped with state of art manufacturing equipment, this new facility is Jinpan's largest, most integrated and technologically advanced cast resin transformer manufacturing facility. We believe that, when fully utilized in the years ahead, our Guilin facility can support up to twelve million KVA of transformer manufacturing capacity. We expect our new facility to initially supply the China market with the potential to also supply the broader international market in the future."
About Jinpan International LtdJinpan International Ltd. (NASDAQ: JST) designs, manufactures, and markets cast resin transformers for power distribution and wind energy products. Jinpan's cast resin transformers allow high voltage of electricity to be distributed to various locations in lower, more usable voltages. The Company has obtained ISO9001 and ISO14001 certifications. Its principal executive offices are located in Hainan, China and its United States office is based in Carlstadt, New Jersey. Safe Harbor Provision This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations and involve known and unknown risks, and uncertainties or other factors not under the Company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors are listed from time-to-time in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 20-F for the period ended December 31, 2011 and our subsequent reports on Form 6-K. Except as required by law, we are not under any obligation, and expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV