Collaboration Will Benefit Customers of Both Companies; Also Marks Eastek’s Entry Into Tools-for-Export Market
Buffalo Grove, Ill. – May 21, 2007 – Eastek International and Phillips Plastics Corporation announced today the launch of a joint venture, WahTsun Far East Ltd., a tool manufacturing company in China. The joint venture will provide Phillips access to high-quality, low-cost tooling as well as a partner in China that specializes in low-cost assembly services. In turn, the agreement will allow Eastek to offer better and lower-cost tooling to its customers, further enhancing its design and prototyping capabilities. The venture also marks Eastek’s first entry into the tools-for-export market and will provide the company new and additional equipment as well as training programs.
“This is the next step in a productive collaboration that has been underway for three years,” said Joe Rocco, president of Eastek. “As Phillips and Eastek share both their experience and their innovations, we will continue to provide the kind of industry-leading services our customers know they can count on from our organizations.”
According to Brad Wucherpfennig, Phillips’ President and COO, “The joint venture with Eastek expands our global footprint to help us better serve our domestic customers. Phillips’ exports currently exceed $59 million annually, including shipments to Mexico, Europe and China; however, the joint venture with Eastek will expand our reach by providing lower cost alternatives to our customers without compromising the quality and service they have come to expect. We completed an extensive search to find a Far East partner that shares Phillips’ commitment to technology, quality and service and we have found that in Eastek.”
The Eastek campus in China provides 465,000 square feet of continuous and secure manufacturing and assembly space. The facilities are ISO 9001:2000 and TS 16949 Certified and employ 1,200 people serving the consumer, industrial, telecommunications, medical, and transportation markets. Eastek capabilities in China include product design and development services, PCBA MANUFACTURING, tooling fabrication for metal stamping and plastic injection molding, metal stamping, plastic injection molding, complete turnkey assembly, ongoing production, distribution and global logistics.