Focus will be on Enhancing Shareholder Value, Establishing Strategic Alliances and Developing Business in China, the Company's Main Market
KUEISAN HSIANG, June 30 /PRNewswire-Asia/ -- Shieh Yih Machinery Industrial Co., LTD., (SEYI; Taipei Stock Exchange: 4533), one of the world's leading producers of mechanical presses, today announced that Ms. Claire Kuo has been elected Chairman of the company's Board of Directors and named as its Chief Executive Officer, effective July 1, 2009. In this role, Ms. Kuo will be responsible for the strategic development and daily global operations of SEYI.
(Logo: http://www.prnasia.com/sa/2009/06/30/200906301225.jpg )
Mr. S. H. Kuo, Founder of SEYI, has decided to retire after nearly a half-century building SEYI into one of the largest mechanical press companies in the world. Mr. Kuo will assume the Chairman Emeritus role, smoothing the management transition and assuring continuity for SEYI's clients, as well as the seamless integration of the company's second factory in Kunshan, just outside Shanghai, China. SEYI's new facility, which is scheduled to begin production in 2010, has been designed to build larger, higher-margin presses targeted at China's rapidly growing automotive industry.
Mr. Kuo stated, "I leave SEYI on a high note, with sales in China beginning to recover, and a second manufacturing plant coming on-line to feed our growing business in the country. SEYI is poised for a sharp recovery in sales and earnings in 2010. Hard work by our management and engineering design teams, and strong growth in China has made the last five years the most successful in SEYI's history. We expect our performance over the next five years to be even greater."
Mr. Kuo added, "With strong momentum on our side, now is the time for us to act decisively to prepare for SEYI's next phase of development. That is why I have decided to retire and enable proven managers who have the skill-sets and age to lead SEYI's development over the next half century. I am extremely pleased with Claire's appointment. Her expertise in the area of finance and operations, as well as her demonstrated ability and experience in market-development and forming strategic alliances will greatly benefit the company as it moves forward."
Ms. Kuo said, "I am very excited to be named Chairman and CEO of SEYI. The company's growth will entail further capital raising activities to fund the expansion of our existing operations as-well-as new initiatives to enlarge our business platform in China. I will emphasize "global best-in-class" quality in all SEYI products, improving customer service and providing customers with better value than our competitors, and I will focus on maximizing shareholder value. "
Prior to joining SEYI headquarters in Taiwan, Claire was President and CEO of SEYI America and SEYI Presses, based in California and Tennessee, USA, respectively. Both are wholly-owned subsidiaries of SEYI and serve as sales-and-service centers for SEYI's product lines in North and South America.
Claire began her professional career with Cosa Liebermann, a Swiss company, serving in an accounting role and then went on to complete her MBA at Pace University in New York City. In 1994, Claire joined SEYI and assumed a key position in developing the growing Asian and Indian markets for the company's products. As President and CEO of SEYI America, Claire developed sales-and-service in the Americas and focused on marketing new product lines for the United States auto- market. In that role, Claire managed a trans-national executive group and staff to grow the business and oversee the installation of well over 1500 presses, enabling SEYI to become one of the top mechanical press providers to the American market. Under her leadership, SEYI's sales in the Americas increased by almost 90% in 2008.
About SEYI
SEYI was founded in 1962 and has established a position of global leadership in the press building industry. The company is traded on the Taiwanese OTC (4533 TT). SEYI manufactures mechanical presses from 22 to 2400 tons in facilities located in both Taiwan and China and the total production volume approaches 4000 presses a year. The products have been sold to over 40 countries around the world, and the company is the dominant foreign supplier to China, India, and the Americas in terms of volume. SEYI is the recipient of numerous quality awards from around the world.
