Industrial motor supplier Teco Electric & Machinery Co (東元電機) presented an optimistic sales outlook for this year, saying that it expects to secure more orders for its new energy-efficient motor products.
Moreover, with growing demand for motors from customers in China and the US, the company has set a target of achieving double-digit percentage annual growth in revenue for this year, Teco chairwoman Sophia Chiu (邱純枝) said on Wednesday last week, after unveiling the company’s new very high power density (VHPD) line of motors in Taoyuan.
VHPD motors, which consume less energy and are lightweight, can be used at oil refineries and electric utilities, Teco said in a statement, adding that they are equipped with newly developed “smart” solutions, can be controlled remotely and would help customers save on maintenance costs.
Teco, the nation’s largest industrial motor manufacturer, reported revenue of NT$51.2 billion (US$1.75 billion) for the whole of last year, with industrial motors making up nearly 45 percent of its total revenue, while home appliances made up 15 percent, company data showed.
The company has been researching and developing VHPD motors for two years.
Teco next month is to exhibit its VHPD motors at the Hannover Messe industrial trade fair in Hannover, Germany, with the aim of attracting more foreign buyers, it said.
Despite an optimistic forecast for customer demand, Teco said it is facing cut-throat competition in the Chinese market, where many Chinese suppliers are trying to expand their market shares with low-priced products.
To cut labor costs, the company is to move part of its production capacity to Vietnam, where it is to build a new plant capable of producing 300,000 small motors per year.
The Vietnamese plant, which is to become a manufacturing hub in Southeast Asian markets, is scheduled to begin mass production in May next year, Teco said.
Teco said it plans to hire about 400 employees this year to bolster its competitiveness in intelligent automation and Internet of Things [IoT] technologies, as it aims to transform from a motor supplier into a “smart” manufacturer.
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