TechPrecision sets up Chinese unit to supply solar, nuclear components
(ADPnews) - Nov 4, 2010 - US metal fabricated and machined precision equipment maker TechPrecision Corp (OTC:TPCS) said Thursday it had established a wholly-owned unit in China to meet the growing demand for solar and nuclear facility components in the country and in Asia as a whole.
The new company, Wuxi Critical Mechanical Components, will work on a huge components order from a local solar sector firm. A customer of the company, details of whom were not provided, has placed a USD 2.9 million (EUR 2m) order for components, conditional upon the roll-out of the product at the new unit by the end of 2010.
"Already, 80% of poly silicon 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," CEO James Molinaro said.
TechPrecision expects to further explore certain synergies in the US and in China to expand the business of its units.