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- Sprintex (SIX) shares are trading in the green after announcing the launch of its new international subsidiary, Sprintex China
- A new 1500-square-metre facility in Suzhou, Jiangsu Province, is set to act as a production and research and development hub for the company’s China operations
- According to Sprintex, the facility can provide for a high-speed electric compressors production capacity of 50,000 units per annum — a market which the ASX-lister affirms is experiencing increased demand
- More broadly, the subsidiary is hoped to open the market for Sprintex’s twin-screw compressor in China for automotive and industrial applications
- Sprintex shares are up 6.67 per cent to trade at 8 cents
Sprintex (SIX) shares are trading in the green after announcing the launch of its new international subsidiary, Sprintex China.
The new establishment is set to act as a production and research and development hub for the company’s operations in China and will be centred in a new 1500-square-metre facility in Suzhou, Jiangsu Province.
According to SIX, the new facility provides for a production capacity of
50,000 units per annum of high-speed electric compressors, which the ASX-lister affirms are experiencing increased demand in clean emission transportation, clean energy and industrial applications.
In addition, Sprintex China has obtained a series of subsidies from the Chinese Government for its operations and clean energy profile, which includes three years of government-subsidised rent and a local tax exemption of up to 80 per cent.
More broadly, Sprintex maintains the development will open the market for its twin-screw compressor in China for automotive and industrial applications.
Sprintex Managing Director Jay Upton commented on the launch.
“The establishment of Sprintex China opens significant opportunities for Sprintex as it expands its product range internationally,” he said.
“We’ve assembled a strong team and look forward to implementing our expansion strategies,” he concluded.
Sprintex shares are up 6.67 per cent to trade at 8 cents at 3:17 pm AEST.
