Under the circumstance of LED boom, China's Taiwan LED manufacturer Guanglei Technology decided to suspend the $20 million Ningbo plant expansion plan, while Guanglei will save 13.5% from January 1st in order to save personnel costs. Other employees began to pay unpaid leave for four days a month, and the utilization rate of Guanglei has now slipped to 60%.
Originally, Guanglei is optimistic about the mainland China market. It plans to invest 20 million US dollars to expand its production capacity, with a monthly capacity of 3 billion. Zhang Leiquan, deputy general manager of Guanglei, said that due to the decline in overall LED demand since the third quarter, the board of directors decided to suspend the construction of the Ningbo plant to retain cash, and Guanglei remitted $20 million to mainland China, except for land purchase and land preparation costs. Most of the rest are in place. As for when there will be another expansion plan, Zhang Chuanquan said: We must observe the situation of the economy again.
It is understood that Guanglei is optimistic about the growth of the mainland LED market. It is predicted that the mainland LED will show multiple growth in the next four years. At that time, it decided to expand its production in Ningbo. Guanglei estimates that it will increase the monthly production capacity of 3 billion, which is equivalent to Taiwan. After the completion of the capacity expansion, the capacity of the two sides of the Taiwan Strait will reach 7 billion. However, just after the financial boom was affected by the financial tsunami, Guanglei’s current capacity utilization rate was less than 60%. Guanglei’s single-month revenue dropped sharply from the peak of nearly 700 million yuan to NT$373 million, which is not allowed under cash. Do not stop at the Ningbo factory. In addition, in the wave of unpaid leave in the technology industry, Guanglei also decided to follow up. From January 1st, Guanglei will implement four days of unpaid leave, while middle and senior executives will directly reduce the salary by 13.5%. Save personnel expenses.
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