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Goodway, Tongtai Poised to Become NT$10bn Tool Makers in 2015

Jan 13, 2015 | By CENS

Goodway Machine Corp. and Tongtai Machine & Tool Co., Ltd. are expected to join the NT$10 billion (US$322.58 million at US$1:NT$31) revenue club of Taiwan's machine-tool sector in Taiwan with consolidated revenue in 2015.

Only a handful of machine-tool makers on the island have crossed the NT$10 billion annual revenue mark, including Fair Friend Group's machine-tool division (about NT$45 billion in 2014) and Hiwin Technologies Corp. (about NT$15 billion in 2014).

The 40-year-old Goodway has been accelerating expansion plans both in Taiwan and mainland China to meet growing. The company unveiled a new factory and mainland Chinese operating headquarters in Wujian, Jiangsu Province. It also began constructing a plant at the Chiayi Dapumei Intelligent Industrial Park in central Taiwan.

Goodway Chairman Edward Yang pointed out that the company's growth for 2015 will be primarily driven by the recovering U.S. economy and the Wujian factory. The company will also work with Indonesian importers in 2015 to open warehouses and sales outlets to tap the Indonesian market.

Goodway and its subsidiary, AWEA Mechantronic Co., Ltd., have an order backlog of NT$2.2 billion (US$70.96 million), sufficient to keep Goodway working at full capacity at least until February and AWEA busy at least to the end of the first quarter.

In the Jan-Nov period of 2014, the company generated consolidated revenue of NT$6.92 billion (US$223.35 million), surging 32.7% year on year (YoY), due chiefly to an upturn in the European and American vehicle and aircraft industries. Industry executives estimated that the company's revenue would hit NT$700 million (US$22.58 million) in December, a number likely to send the company's total revenue for 2014 up by around 30% YoY to NT$7.7 billion (US$248.38 million).

Goodway is expected to post an NT$6 per share after-tax net income from operations in 2014.

Like Goodway, Tongtai is revving up production and scrambling to release new products or the automobile and aircraft industries, aiming to become one of the world's top 20 machine-tool makers in 2020.

The company will begin to construct a new manufacturing site on a 66,000-square-meter site at the Southern Taiwan Science Park (STSP) in 2015. The first phase of the construction is set to begin at end of this January at a cost of NT$600 million (US$19.35 million).

The facility will be used to make horizontal machining centers, horizontal boring/milling machines, and heavy-duty double-column machine tools, generating an estimated NT$4 billion (US$129.03 million) a year in full production.

The ambitious goals planned by Goodway and Tongtai echo the bright projection of over NT$1 trillion (US$32.25 billion) in revenue for the island's precision-machinery industry in 2015.
(KL)



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