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| Wednesday, 7 November 2012, 18:00 HKT/SGT | |
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Source: AT&S | |
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HONG KONG, Nov 7, 2012 - (ACN Newswire) - AT&S (the "Company"), one of the world's leading producers of Printed Circuit Boards ("PCB's") together with the Vienna Stock Exchange (the "Vienna SE") a leading stock exchange in Central and Eastern Europe, are pleased to present an update on their expanding Asian business in the context of flourishing Austrian-Chinese economic relations.
Austria has seen robust expansion of its investment ties to China during the past decade. Austrian companies have invested over US$4bn in China over the past 5 years, building a notable presence in sectors ranging from high tech manufacturing, infrastructure and construction, to energy and environmental technology.
As an exemplar of multi-dimensional Austrian-Chinese cooperation, AT&S, the largest PCB producer in Europe and India, is committed to building on its investment platform in Asia, and particularly China, the world's most innovative HDI product supplier. During 1H 2012, 74% of AT&S's total revenue of EUR255m came from Asia, an increase of 4% year on year. Notably, since the beginning of the second quarter of 2011, the Company has invested over US$150 million in China, underscoring the Company's strategic focus on developing its Chinese operations. The Company's Shanghai operations now account for over US$400m of the Company's annual revenues. The recent commissioning of the plant in Chongqing is expected to further contribute to this development once full ramp up is achieved. It is expected that China will become a key revenue and margin driver for AT&S as a result of its continued investment into the country. These projects bring to China some of the world's most advanced production facilities, highest international-standard working conditions, and an unrivalled sensitivity to environmental and social wellbeing.
The Vienna SE is one of the most international exchanges worldwide, with more than 50 percent of investors coming from the US and the UK. Furthermore the companies listed at the Vienna SE have extremely high business exposure outside of Austria. Over the years, an increasing number of strong export orientated companies listed on the Vienna SE, such as AT&S, have also developed significant operations in China. In 2005, the Vienna SE signed a Memorandum of Understanding with the Shanghai Stock Exchange, strengthening the strategic relationship with China in order to offer investors in and outside Europe better investment access to growth.
AT&S and the Vienna SE believe that China's adjusted and sustained pace of growth, the government's focus on developing advanced technological capacities where Austrian industry leaders excel, will offer AT&S and other Austrian industry leaders tremendous opportunities for business development, as well as for their continued contribution to China's economic evolution towards a high-value added industrial structure.
Andreas Gerstenmayer, CEO of AT&S said:
"Asia has become a key part of our growth strategy. In particular we look to China to expand our production capacity as well as our capabilities to help our national and international customers to succeed in their ambitions to become global leaders. The environment lends itself towards our Group strategy very well. With high levels of education, a skilled workforce and an supportive business environment, we see a great opportunity to continue our investment programme into China, as the country becomes increasing focused on the manufacture and production of high-end technology products, offering stronger margins and an enhanced opportunities for the country to develop its position as the world's largest producer of high-end quality products."
Michael Buhl, CEO of the Vienna SE commented:
"We are pleased to have been able to play a central role in providing the key platform for companies such as AT&S to pursue opportunities in China. This may be an indicator for increased collaboration between both countries at all levels, from manufacturing, to business transactions, to setting the benchmark for best practice in the areas of health & safety, environmental impacts and social impacts. With such strong synergies, we are looking at new opportunities to further strengthen business relationships between both countries and key Asian markets such as Hong Kong."
Topic: Press release summary
Source: AT&S
Sectors: Electronics, Daily Finance, Daily News
https://www.acnnewswire.com
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