Premo signs MOU for expanding R&D for sensors in China

3rd June 2010

Premo

ES Admin

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Premo announces new 4,000 sqm plant with 500 sqm laboratory premises to be operating by Q4 2010 in Wuxi China. The company is growing over 30% and expects to grow at an annualized aggregated rate over 20% the next three years according to existing customers´ contracts and forecasts. This will require further capacity to be available for growth especially for applications in Power Electronics for Renewable energies and Automotive.

The new premises will give Premo China the chance to increase R&D team 60% in two years as well as creating 200 more direct jobs and increase turnover in 112Million RMB in next 3 years.

The Chinese WND authorities have granted support for this project by the signature of an MOU done yesterday.

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.

President of WND Mr. Ji stated during the signing ceremony that the local authorities support the development of WUXI as the main cluster for development of sensing technologies where Premo has significant strengths, especially for Energy Harvesting and High Precision Current Sensors.

The ceremony was held on June 1st attended by Premo Group CEO and GM , Premo China GM and CFO as well as main authorities of the city of Wuxi where as strong mutual understanding and support between Premo and authorities has been developed for 10 years.

Premo Group has announced that turnover growth over 30% is expected for 2010 and has registered a 4 years record high order intake leaded by automotive and renewable energies in China and India where the Group has now 57% of its total sales.