Business News
GSME Announces Expansion of Shenzhen Manufacturing Facility
Friday 29. October 2010 - Will Increase Total Operating Capacity by Over 20% Upon Completion in 2011
GSME Acquisition Partners I (OTCBB: GSMXF, GSMEF, GSMWF) (“GSME”), a special purpose acquisition company formed for the purpose of acquiring an operating business having its primary business operations in the Peoples Republic of China, and privately-held Plastec International Holdings Limited (“Plastec” or the “Company”), a plastic injection molding and finishing business, today announced an update to expansion plans at Plastecs Shenzhen manufacturing facility to meet growing demand for its precision plastic manufacturing services.
The Company recently commenced construction on an eight-story industrial building at the Shenzhen site. This building would increase floor space by approximately 25,000 square meters upon its expected completion in September 2011. The Company is also building an extension to its mold design and fabrication center in Shenzhen. This four-story, 9,000 square meter center commenced construction in April 2010 and is expected to be completed by March of 2011. The completion of this expansion in Shenzhen is not dependent on any financing from its merger with GSME and will better enable the Company to service increasing client requirements and growth potential new customers.
Mr. Kin Sun Sze-To, Chairman and CEO of Plastec, stated, “For the last 12 months, we have been operating at capacity due to high demand from our multi-national customers. This expansion, which will total approximately 34,000 square meters, will increase our operating capacity by over 50% at the Shenzhen site and 20% across our Company. Over the past three years, we have invested nearly $75 million in the expansion of our business, and believe that we are well positioned to fulfill the growing list of orders for our existing and loyal clients new products as well as accommodate new customers.”