Chin Well Plans Regional Expansion

Steel fastener producer Chin Well Holdings Bhd is planning a regional expansion next year. “We have enquiries from customers for more of our new fasteners that are made in Vietnam. We will add more production lines in Vietnam to cater to the rising demand,” group executive director Tsai Chia-ling.

 

In Europe, which contributes about 50% of revenue, Tsai said the company was now negotiating with three important customers for its do-it-yourself (DIY) fasteners. “We aim to have at least a DIY customer in each European country by 2019.  “We are targeting for the DIY segment to generate about 25% of the group’s revenue in 2019, compared to 15% now,” Tsai added.

 

Construction activities have picked up in Europe very recently, she added. On the shortage of raw materials, Tsai said due to the shortage, the price of steel-based raw materials has shot up by 100% since June 2017. “There is now a shortage of graphite, an essential ingredient used for stabilising the temperature in the furnace used for producing steel-based products. ‘This is on top of the problem in China, where the government is closing down all the cottage industries using archaic technology to produce steel in a nationwide effort to curb pollution,” she added. Tsai said the company was well prepared to confront the shortage issue. 

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