Premo Signs MOU for Expanding R&D for Sensors in China
Premo announced a new 4,000 sqm plant with 500 sqm laboratory premises to be operating by Q4 2010 in Wuxi, China. The company states that it is growing over 30% and expects to grow at an annualized aggregated rate over 20% the next three years according to existing customer contracts and forecasts. This will require further capacity to be available for growth especially for applications in power electronics for renewable energies and automotive applications.
Premo states that the new premises will give Premo China the chance to increase its R&D team 60% in two years as well as creating 200 more direct jobs and increasing turnover in 112 Million RMB in the next 3 years.
New continuous support to Premo Wuxi and its development as a high tech R&D company has been committed from Premo HQ as well as the future development and production of RFID products and TPMS antennae and sensing products.
Premo Group has announced that turnover growth over 30% is expected for 2010 and has registered a 4 year record high order intake leaded by automotive and renewable energies in China and India where the Group has now 57% of its total sales.