Auto parts manufacturer Cayman Engley Industrial Co Ltd (開曼英利) has set a capital expenditure target of NT$1.59 billion (US$49.9 million) for next year, as part of its plan to expand capacity to meet rising Chinese demand.
“Next year, we plan to expand capacity at our plants in [China’s] Tianjin and Qingdao,” Engley chief financial officer George Yang (楊政?) yesterday told an investors’ conference in Taipei.
The Changchun, Jinlin Province-headquartered firm operates nine subsidiaries and three joint ventures across China. It did not provide details on its planned expansion.
Yang said the company is also eyeing acquisition opportunities in China’s auto components market next year to boost its client base and facilitate vertical integration.
Engley has contacted five firms in China, Yang told the Taipei Times, without elaborating.
The company is optimistic about its business outlook next year, thanks to new orders from Chinese-owned Volvo Car Corp, he said.
Engley is to start shipping high-end auto components to Volvo in the second half of next year, which would further boost its sales and margins, Yang said.
FAW-Volkswagen Automotive Co Ltd (一汽大眾) is a major client, accounting for more than 65 percent of its sales, Yang said.
Engley’s net profit in the first three quarters soared 163 percent year-on-year to NT$987 million, or earnings per share of NT$9.05, aided by its product mix adjustment.
Its revenue during the same period grew 32.9 percent to NT$11 billion.
The company expects full-year revenue to surpass last year’s NT$12.4 billion.
Engley shares gained 2.92 percent to close at NT$176 yesterday.
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