Marking its 48th anniversary, TECO Group (東元集團) vowed to become the world leader in industrial motors within the next two years.
"With sales contribution from the Chinese market, TECO should have no problem overtaking Germany's Siemens and Switerland's ABB to grab the top spot in the industrial motor market in two years," TECO Group chairman Theodore Huang (黃茂雄) told an anniversary celebration on Saturday in Taipei.
Addressing business partners from Japan, the US and other countries, Huang vowed to expand profits by expanding the group's sales network.
"We want to create an earnings per share [EPS] up to NT$4 so that employees can take home bonuses equal to eight-to-nine-month's salarys," said Huang, who is also chairman of the Chinese National Association of Industry & Commerce (工商協進會).
To enhance the group's research and development (R&D) capabilities, the company also launched a 70-member research institute in Nankang Software Park (南港軟體園區) on Saturday
The TECO Group Research Institute will act as a technology platform within the group.
Headed by Jeng Jeng-ywan (
"As a group-level research arm with a NT$200 million investment for the first year, [the institute] represents the group's efforts to meet the trend of globalization," Jeng said.
The institute aims to make advances in what Jeng called future technologies, including advanced display technologies, information appliances, electronic appliances and telecommunications. For example, the institute will explore incorporating new lighter materials into industrial motors in order to generate higher fuel efficiency.
The institute will also seek to develop customer-oriented artificially intelligent household appliances containing sensors or wireless transmission to meet customers' needs in the next three to five years, Jeng said.
For example, TECO will develop remote controls designed for senior citizens to cater to Japan's growing market of older people, he said.
TGRI's first research achievement -- an AV server -- is entering the final completion phase and is expected to enter mass production by the year's end.
TECO was established in 1956 and focused first on industrial motors, before diversifying into household appliances, information technology products and telecommunication-related items.
The company has also branched into the restaurant business in recent years, with over NT$100 billion in total revenues in world markets.
According to Huang, TECO has succeeded in expanding into European markets with its headquarters in Rotterdam, Holland as well as the Chinese market with manufacturing bases in Wuxo and Nanchang.