Deswell Industries Inc. Purchases Additional Machinery for New Dongguan Plastic Injection Molding Plant.Business Editors HONG KONG--(BUSINESS WIRE)--Dec. 3, 2002 Deswell Industries, Inc. (Nasdaq: DSWL) today announced the purchase of five additional sets of Mitsubishi and Chen Hsong injection- molding machines (Woodworking) A planing machine for making moldings (Founding) A machine to assist in making molds for castings. See also: Molding Molding , with a clamping force of 368 tons to 650 tons, of which two sets are installed with gas-injection functionality. The machines and equipment are expected to be installed in the Company's new facility by the end of February 2003. The machine and all accessories were purchased for approximately $1 million. Construction of the new Dongguan facility remains on schedule and operations are expected to begin before March 2003. The facility will expand Deswell's plastics-division capacity by approximately 40%, lower the Company's annual rent, and reduce labor costs. Richard Lau, chairman and chief executive officer, commented, "With Phase One construction of our Dongguan plant nearly complete, we look forward to increased capacity and improved operating efficiency. Looking ahead, we remain extremely optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our plastic injection molding injection molding n. A manufacturing process for forming objects, as of plastic or metal, by heating the molding material to a fluid state and injecting it into a mold. business and will continue the prudent expansion of these facilities in order to meet the growing demand." Deswell manufactures injection-molded plastic parts and components, electronic products and subassemblies, and metallic products for original equipment manufacturers ("OEMs") and contract manufacturers at its factories in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China. The Company produces a wide variety of plastic parts and components used in the manufacture of consumer and industrial products; printed circuit board assemblies using surface mount ("SMT (1) (Surface Mount Technology) See surface mount. (2) (Station ManagemenT) An FDDI network management protocol that provides direct management. Only one node requires the software. SMT - Station Management "), and pin-through hole ("PHT PHT Phenytoin (antiepileptic, Dilantin) PHT Pulmonary Hypertension PhT Pharmacy Technician PHT Post-Harvest Technology PHT Pattern History Table PHT Pressure Half Time PHT Public Health Trust ") interconnection technologies; and finished products such as telephones, telephone answering machines, sophisticated studio-quality audio equipment and computer peripherals. The Company's customers include Kyocera Mita Industrial Co. (H.K.) Limited, Epson Precision (H.K.) Ltd., Inter-Tel Incorporated, Vtech Communications Ltd., Peavey Electronics Peavey Electronics Corporation is one of the largest audio equipment manufacturers in the world, headquartered in Meridian, Mississippi in the United States. History Hartley Peavey founded Peavey Electronics in 1965 after building his first amplifier in 1957. Corporation and Emerson. To learn more about Deswell Industries, Inc., please visit the Company's web site at www.deswell.com. |
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