SEYI reports strong sales from auto customers

TAIWAN-BASED mechanical press manufacturer Shieh Yih Machinery Industry Co. Ltd (SEYI) has revealed an increase in automotive customers. SEYI reports strong increases in sales and earnings for the year ended December 31, 2013. Net Sales increased by 16% and Net Profits increased by 53% during the year.

Claire Kuo, chairman and chief executive officer, said, “The financial results for last year were very gratifying because 2013 was the year in which initiatives taken by management over the past three years began to pay off. An increased emphasis on automotive customers, new products and key additions to management, particularly in China, led to improved performance during the year. Moreover, a 44% increase in orders and further management additions in the second half of the year bode well for 2014.”

In terms of product mix, sales of straight side presses accounted for 65% of sales in 2013, compared to 40% in 2012, while sales of conventional C type presses declined from 60% of sales to 35%. Also, sales of larger tonnage presses increased by 30% and sales of SEYI’s high technology servo press gained momentum during the year. Fifteen servo presses were sold to customers in Japan, Asia and the United States.