Highway Holdings Announces Pilot Program for New Customer
October 05 2020 - 8:30AM
Business Wire
— Company’s Manufacturing Capabilities in
Myanmar Attractive to U.S. Businesses —
Highway Holdings Limited (Nasdaq:HIHO) today announced
the company will commence a pilot program to manufacture a
security-related product for a U.S.-based company with a 50-year
history in industrial and home security products. The products will
be manufactured at Highway Holdings’ operations in Myanmar. Terms
of the pilot program were not disclosed.
“The location of our operations in Myanmar and the company’s
top-quality capabilities were important considerations in this
customer’s selection of Highway Holdings as an alternative to
China-based manufacturing. While this customer’s initial order
volume is relatively small, we believe there is a mutual desire to
establish a long-term relationship,” said Roland Kohl, chairman,
president and chief executive officer.
Kohl emphasized this U.S.-based customer has been actively
seeking manufacturing sources outside China to replace current
suppliers in that country. The customer’s decision was prompted by
its current suppliers not offering services outside of China and
the escalating trade war between the United States and China. “The
selection of Highway Holdings meets this customer’s objectives, and
we are optimistic that our capabilities will more than meet
expectations during the pilot program. Equally important, the
selection of Highway Holdings also highlights the ongoing success
of our strategy to attract business from U.S.-based and European
companies seeking suppliers outside China. We look forward to the
successful completion of this pilot program and the opportunity to
provide substantial additional manufacturing services to this
customer and its numerous product categories,” Kohl said.
About Highway Holdings
Highway Holdings is an international manufacturer of a wide
variety of high-quality parts and products for blue chip equipment
manufacturers based primarily in Germany. Highway Holdings’
administrative offices are located in Hong Kong and its
manufacturing facilities are located in Yangon, Myanmar and
Shenzhen, China.
Except for the historical information contained herein, the
matters discussed in this press release are forward-looking
statements which involve risks and uncertainties, including but not
limited to economic, competitive, governmental, political and
technological factors affecting the company's revenues, operations,
markets, products and prices, and other factors discussed in the
company’s various filings with the Securities and Exchange
Commission, including without limitation, the company’s annual
reports on Form 20-F.
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Gary S. Maier Maier & Company, Inc. (310) 471-1288
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