Teco Electric & Machinery Co (東元電機), which makes industrial motors and home appliances, yesterday said that it aims to more than double its shipments of medium and large industrial motors in China by the end of 2016 to become the No. 1 maker in the segment in the country.
The company currently makes more than 1,000 medium and large industrial motors a month in China, and the company aims to raise the shipments to 3,000 a month by the end of 2016, an official of the company, who declined to be named, told reporters on the sidelines of this year’s TECO Green Tech Contest yesterday.
With each industrial motor priced at about NT$100,000, the company aims to raise sales of the industrial motors in China to NT$3.6 billion (US$120.2 million) a year after 2016, he said.
The official said the shipment increase is to satisfy rising demand in China created by the Chinese government’s new IE3 premium efficiency requirement for industrial motors, starting in 2016.
Teco will sell its industrial motors along with its variable-frequency drives, the official said, adding that the sales package is a means to help it expand its market in China more rapidly.
Sales of industrial motors account for between 50 and 60 percent of Teco’s annual revenue, the company said.
From January through last month, Teco posted revenue of NT$32.58 million, down 1.77 percent from NT$33.16 million the previous year, according to the company’s filing with the Taiwan Stock Exchange.
The official said Teco aims to post a revenue increase this year from NT$56.64 billion last year.
Teco plans to ship 28 units of 2 megawatt wind turbines to China-based electricity provider China General Nuclear Power Group (CGN, 中國廣東核電集團) for setting up a wind farm in Hunan, China, starting at the end of next month, Teco vice president George Lien (連昭志) said.
Lien said a wind turbine is priced at about NT$70 million.
The company is also interested in participating in the construction of offshore wind farms in Akita, Japan, and it might form partnerships with Japanese companies, along with banks in Taiwan that are interested in the project.
The company’s profit rose 25.27 percent to NT$2.33 billion, or NT$1.18 per share, in the first half of this year, up from NT$1.86 billion, or NT$1.01 per share, a year ago, the filing said.
The profit growth was because Teco sold real estate to Unity Opto Technology Co (東貝光電), which makes LED products, last quarter and booked income of NT$850 million, it said, adding that Teco will strive to post higher profit this year than the NT$3.76 billion last year.
Global shipments of PCs, tablets and mobile phones this year are expected to decline 13.6 percent year-on-year to 1.9 billion units, US market research firm Gartner Inc said in a report yesterday. While PC shipments are forecast to fall 10.5 percent to 235.19 million from 262.71 million last year, the contraction in the overall PC market could have been much more severe, Gartner said. “Government lockdowns due to COVID-19 forced businesses and schools to enable millions of people to work from home and increase spending on new notebooks, Chromebooks and tablets,” Gartner senior research director Ranjit Atwal said. Shipments of tablets and Chromebooks
FLAMBOYANT: Stanley Ho, who was married four times and had 17 known children, developed the junket VIP system and was loved by Macanese for his philanthropy Macau gambling king Stanley Ho (何鴻燊), who built a business empire from scratch in the former Portuguese colony and became one of Asia’s richest men, died yesterday at the age of 98. The flamboyant tycoon, who loved to dance, and advised his nearest and dearest to shun gambling, headed one of the world’s most lucrative gaming businesses through his flagship firm, SJM Holdings Ltd (澳門博彩控), valued at about US$6 billion. Shielded from challengers by a four-decade monopoly on gambling, Ho helped transform Macau from a sleepy peninsula dotted with seedy, windowless gambling dens into the world’s biggest casino center. However, Ho’s interests in