Jul 28 2010
Shengkai Innovations, Inc. (Nasdaq: VALV; "Shengkai Innovations" or the "Company"), a leading ceramic valve manufacturer with operations in the People's Republic of China (the "PRC"), today provided an update on its newly established facility in Tianjin Airport Economic Area, approximately 7 miles away from Tianjin Binhai International Airport and 17 miles away from its current factory.
The construction of the new manufacturing facility, which is expected to replace the current factory in the Tianjin Jinnan Development Area, was completed in June 2010. Since then, the company has been undergoing installation of equipment and machines, and trial production is being conducted prior to full-scale operation. Upon full operation of the new facility, Shengkai expects to increase the total annual capacity to 24,000 units of ceramic valves, from current production capacity of 7,500 units.
Mr. Chen Wang, Chairman and Chief Executive Officer of Shengkai Innovations, remarked, "Thanks to the high quality and durability, our ceramic valve products have been well received by power generation, oil and petrochemical, metallurgy and other industries in China and overseas. With the new facility coming online, we expect our capacity bottleneck to be unlocked and in doing so we plan to quickly ramp up our production to meet rising demand, particularly from the oil and petrochemical sector. We are confident this fiscal year will be an even stronger year."