News Article
SPEL Nets Record Profit And Plans Expansion
Following impressive profits company announces increased investment of over $100 million for expansion at its Maraimalai Nagar plant in India.
The company, a provider of assembly and test services for integrated circuits (IC) manufacturers, has exceeded expectations announcing the results for Q1. SPEL reported sales of Rs 218.30 million, a growth of 46% compared to last year, with a profit of Rs20.48 million.
To increase its production capacity, the company decided to expand in a phased manner to address the booming IC market in Asia. The first phase includes an increase of the annual production of units to 680 million every year from the current 425 million with the help of $25 million being invested. Further phases will include $75 million with the target of 1,500 million units every year by 2012-13.
Plans to expand into the European market are already in place as the company is in talks with three major computing, communication and consumer electronics companies. It hopes to get orders within the next six months.
SPEL appears confident of consolidating its market position due to expected results from its investments made during FY2008-09. SPEL ICs are used world wide in applications such as mobile phones, personal computers and automobiles.
To increase its production capacity, the company decided to expand in a phased manner to address the booming IC market in Asia. The first phase includes an increase of the annual production of units to 680 million every year from the current 425 million with the help of $25 million being invested. Further phases will include $75 million with the target of 1,500 million units every year by 2012-13.
Plans to expand into the European market are already in place as the company is in talks with three major computing, communication and consumer electronics companies. It hopes to get orders within the next six months.
SPEL appears confident of consolidating its market position due to expected results from its investments made during FY2008-09. SPEL ICs are used world wide in applications such as mobile phones, personal computers and automobiles.
