Deswell news! VTech business expanding!
Thursday April 30, 9:44 am Eastern Time
Company Press Release
Deswell Industries, Inc. Announces Expanded Business With VTech
HONG KONG--(BUSINESS WIRE)--April 30, 1998--Deswell Industries, Inc. (Nasdaq NM:DSWLF; the ''Company'') today announced that Jetcrown Industries, the Company's plastic injection molding division, is currently producing plastic casings for over 15 telecommunications products for VTech Holdings Limited (HK:303, GR:VTC, OTC:VTKHY).
Based in Hong Kong, VTech Holdings Limited is one of the largest fully integrated electronic manufacturers in the world, with core business areas of electronic learning aids, telecommunications and computer products. VTech has offices in 13 countries and had worldwide revenues of over $730 million during fiscal 1997.
Mr. Richard Lau, Chief Executive Officer of Deswell, stated, ''We are very pleased with the development of our business with VTech. Our strong engineering capabilities, coupled with high quality manufacturing, have effectively positioned us to service a large, well-respected company like VTech who demands the up-most quality from its suppliers. VTech has quickly become a very meaningful customer for us, currently accounting for over 8% of revenues at our current run rate.''
Deswell manufactures injection-molded plastic parts and components and electronic products and subassemblies and metallic products for original equipment manufacturers (''OEMs'') and contract manufacturers at its factories in the People's Republic 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''), and pin-through hole (''PTH'') interconnection technologies; and finished products such as telephones, telephone answering machines, sophisticated studio-quality audio equipment and computer peripherals. The Company's customers include Mita Industries (H.K.) Limited, Nam Tai Electronics (Shenzhen) Co. Ltd., Inter-Tel Incorporated [Nasdaq:INTL], Behringer spezeiller sudiotechnik GMBH, VTech Holdings Limited and Shakespeare (H.K.) Limited.
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