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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 Myanmar.
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 20-F.
CONTACT: Gary S. Maier
Maier & Company, Inc.