Press release from GlobeNewswire (a Nasdaq OMX company)
Measurement Specialties Opens New Greenfield Facility in Chengdu
Thursday, July 24, 2014
Measurement Specialties Opens New Greenfield Facility in Chengdu05:15 EDT Thursday, July 24, 2014
HAMPTON, Va., July 24, 2014 (GLOBE NEWSWIRE) -- Measurement Specialties, Inc. (Nasdaq:MEAS), (the "Company"), a global designer and manufacturer of sensors and sensor-based systems, held the grand opening of their new West China R&D and Manufacturing Center in Chengdu today. The company hosted various dignitaries at the ceremony, including Mr. Peter Haymond, Consul General for the US Consulate in Chengdu.
In comments made at the opening ceremonies at the Chengdu Industrial Park, MEAS CEO, Frank Guidone, stated that the 130,000 square foot facility is expected to grow from 550 employees currently to ~2,000 employees within the next 5 years, supporting the Company's growth in China and worldwide. The Chengdu operation boasts a 98% on-time delivery record which Mr. Guidone attributes, in large part, to the talented and dedicated Chengdu workforce.
Mr. Guidone commented, "The establishment of our West China R&D/Manufacturing Center in Chengdu marks a major expansion of our presence in China. The facility will provide capacity to support our operational and development growth requirements for the next several years."
MEAS began operations in China in 1995 when it established its facility in Shenzhen, which today supports 1800 employees. The Company entered Chengdu in 2009 through the acquisition of ATEXIS which established operations in Chengdu in 2005. Since the acquisition, the Chengdu facility has grown revenue six-fold. MEAS China holds High-Tech Enterprise status at both the Shenzhen city and China state levels, confirming its position as a leading innovation company in China's technology-based manufacturing sector.
About Measurement Specialties: Measurement Specialties, Inc. (MEAS) designs and manufactures sensors and sensor-based systems to measure precise ranges of physical characteristics such as pressure, temperature, position, force, vibration, humidity and photo optics. MEAS uses multiple advanced technologies – piezo-resistive silicon sensors, application-specific integrated circuits, micro-electromechanical systems ("MEMS"), piezoelectric polymers, foil strain gauges, force balance systems, fluid capacitive devices, linear and rotational variable differential transformers, electromagnetic displacement sensors, hygroscopic capacitive sensors, ultrasonic sensors, optical sensors, negative thermal coefficient ("NTC") ceramic sensors, mechanical resonators and submersible hydrostatic level sensors – to engineer sensors that operate precisely and cost effectively.
CONTACT: Mark Thomson, CFO (757) 766-4224