Patec Group grows steadily despite Global recession
Patec Group continues its healthy sales growth of 20% year on year from 2008 to 2010, with its Europe operations contributing significantly to growth in the next 3 years. Major manufacturers were pursuing a policy of reducing their supplier base to improve both efficiency and cost during these lean years.
- (1888PressRelease) October 26, 2010 - Patec Group continues its healthy growth of 20% year on year from 2008 to 2010. Growth is expected to expedite when the Group's European factory operates at full capacity in 2012. With factory situated in China, Hungary, Indonesia and Singapore, Patec Group is set to benefit from the expected high growth of these economies. At the same time, Patec Group's operation is well diversified in four very different economies.
"We set up our Hungary plant in 2009 at the height of the Global recession. When business environment turns tough, customers too became more selective. They choose to work with more reliable suppliers, both in terms of product quality and financial stability. Patec was a hugh beneficiary this trend." Said Patec Group CEO, Mr Michael Wee.
"European companies are looking to source from Europe itself. This is because transportation cost, lead time, better supplier management all means a supplier located nearby is increasingly preferred. We saw the opportunity during the crisis, and proceed to invest in a new factory in Hungary. We did intentionally slow down our pace while setting up our factory as an extra precautionary measure. We also took the opportunity to understand the culture and working environment in Europe better. We brought in a strong management team and obtained all necessary quality certifications in record time. We were even able started small quantity production within 6 months of operation, very much unheard of in our industry. Our strong track record and reputation for quality helped us to enter the tough European market."
Patec Group prefers good quality steady growth instead of aggressive growth. "Over the years, our bankers knew and liked our conservative corporate culture. Our bankers were supportive of our Europe expansion. This was remarkable against the backdrop of banks reducing credits everywhere at the height of financial uncertainty, just after the collapse of Lehman Brothers." added Raymond Chua, Chief Financial Officer of Patec Group.
Patec Group is known for its strong emphasis in technology and competency. The Group continually seeks to improve its production process to enhance its product quality and lower costs.
"We have no lack of new project proposals from old and new customers. We relentless explore ways to reduce rejects and cycle time, thus reducing cost to our customers. Our products are used by all the major companies in the world, such as BMW, Volkswagen, Toyota and Yamaha. We continuously pursue production innovation to enhance our competitiveness. We want to remain as the first supplier our customer prefers for any new projects. The Group will continue to make investments in assets that enhances production, in knowhow and more importantly, in its people to stay ahead of the curve. This is the best way to ensure the Group grow from strength to strength, and stay relevant to our customers." said Mr Wee.
On top of our strong presence in China, Indonesia and Singapore, our European operation will open a new exciting chapter forward for the Group.
Patec Group is a MNC based in Singapore with staff strength of more than 600 worldwide. PATEC Group has two divisions.
Division One: High Precision Mechanical Press Manufacturing Division
Patec's machinery division has established itself as the preferred equipments provider to world class leaders in the harddisk, communication and automotive industry. PATEC's high speed mechanical press machines are well known in the industry to have high press tonnage efficiency without compromise to precision, significantly reducing overall production cost. PATEC's superior fine cold form technology is well suited in the production of 3D metal components with progressive press process, eliminating expensive machining, sintering and welding.
Division Two: Precision Metal Component Parts Production
Patec produces metal component parts for world class automotive makers such as Toyota, BMW, Volkswagen, Yamaha, Honda and Ford. It has established itself as a preferred business partner that is able to mass produce parts with high quality consistency at low total product cost. With Patec's intimate knowledge of metal stamping and material characteristics, we are often able to produce parts with fewer processes and better reliability, thus achieving better cost and quality control.
Patec Group now has technology solution centers in Singapore, Japan, China, Indonesia and Hungary. For more information on how its technology can assist you, please contact Mr Chng Kee Peng, Managing Director at 65-62578122 or chngkp ( @ ) patec-intl dot com.