TechPrecision initiates new China unit to satisfy demand in Asia

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TechPrecision has formed a wholly foreign owned enterprise (WFOE) called Wuxi Critical Mechanical Components, created to help fulfill the increased demand in the Asian, specifically Chinese, market for solar and nuclear energy  manufacturing and machining components. TechPrecision was able to complete the WFOE with help from one of its current customers who remains unnamed.

TechPrecision’s customer supplied the company with a conditional US$2.9 million in initial purchase orders for parts, including transferred materials from Ranor, a division of TechPrecision, to Wuxi that will be made in China and delivered to the undisclosed customer. The conditional order is founded on Wuxi Critical’s ability to show an initially thriving product at year’s end.
 
“Demand for solar, nuclear and industrial components is growing globally, but this demand is increasing most in Asia and especially China,” said James Molinaro, CEO of TechPrecision. “Already, 80% of polysilicon panels and many nuclear reactors are scheduled to be built in China, and our customers indicated interest in expanding business with TechPrecision if we could support them locally in Asia. We moved quickly to meet this demand, resulting in an immediate purchase order and the expectation of a larger relationship in the coming months.

“Toward this end, we are discussing the possibility of creating additional cooperative agreements involving the manufacturer of high-precision machined metal fabrications in China. In addition, we can leverage the expertise at our Ranor facility to address future demands within Asia. By adding capability to the TechPrecision organization, we believe we can exploit synergies both in the U.S. and China to grow the business of both subsidiaries.”

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