Auto parts maker Tong Yang Industry Co (東陽實業) said yesterday that it plans to invest about NT$1 billion (US$33.3 million) in the second half of this year to build two factories in Greater Tainan to expand its capacity of products for the after-sales market.
The company plans to build a new factory to make 1.72 million bumpers a year, increasing its total capacity to 10.36 million bumpers when the factory becomes operational at the beginning of the fourth quarter next year, president and chief executive Crispin Wu (吳永祥) told reporters.
The company also plans to build another factory in the region to produce engine hoods and fenders, aiming to generate revenue of NT$20 million a month starting from the end of next year, Wu told reporters.
Photo: Bloomberg
The company is also expanding its capacity in China, expecting to begin operations at two new factories this month and next month respectively.
Its factory in Xiangyang, Hubei Province, which will make 200,000 to 250,000 engine hoods and fenders a year, is to start operating this month, Wu said.
The factory will supply products to FAW Toyota Motor Sales Co (一汽豐田), which sells Toyota cars in China, and Dongfeng Nissan Passenger Vehicle Co (東風日產), which sells Nissan cars in China, Wu said, adding that he expects the factory to break even in two years.
The other factory, in Foshan, Guangdong Province, will be capable of producing 250,000 instrument panels a year and is to start operating next month. It will supply goods to FAW Toyota for its Toyota Altis sedans, to Dongfeng Nissan for its Teana sedan and to Zhengzhou Nissan Automobile Co (鄭州日產) for its Infiniti cars, Wu said, adding that he is more upbeat about the second factory, expecting it to break even in a year.
With the additional capacity in China, Tong Yang forecast its revenue would increase by between 10 percent and 12 percent this year from NT$19.62 billion last year.
Because the third quarter is the traditionally the slow season for the company, Tong Yang said profits this quarter would post a sequential decline from last quarter, but profits in the fourth quarter would be close to the NT$396.86 million posted in the first quarter.
In the first half of the year, the company posted a pretax profit of NT$881 million, down 4 percent from NT$918 million the previous year due to a declining yuan.
During the same period, the firm posted consolidated revenue of NT$10.52 billion, up 10.52 percent from NT$9.51 billion the previous year, company data showed.
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