AESSEAL eyes RM115 mln sales in East Asia

PETALING JAYA: AESSEAL plc, a UK-based specialist in design and manufacturing of industrial seals and support systems, has chosen Malaysia as its East Asian headquarters and set its eyes on reaching RM115 million sales in the region by 2020.

Its Asia Operation Director, Koh Choon Siew said being the regional centre of operations and business development, the company has projected RM51.5 million sales in 2015 compared with RM43.6 million last year.

“We expect the sales growth momentum to continue to enable us to achieve our target of RM115 million sales by 2020,” he told Bernama.

Asia is the fastest growing region within the global AESSEAL group with a yearly growth of over 25 per cent, he said, adding that the company would leverage on the ASEAN tremendous growth potential with the implementation of the ASEAN Economic Community at year- end.

Speaking at a press conference after the launch of its East Asian regional headquarters in Puchong near here today, Koh said AESSEAL had spent RM6 million of its RM11.5 million internally generated funds to buy and renovate a building for the purpose- built regional headquarters.

He said RM2 million was spent on equipment, tools, machineries and transport while another RM3.5 million on stocks.

The headquarters would provides sales and services as well as technical and consultancy for AESSEAL products, which are manufactured in the UK and eight other facilities in the US, China, India and Germany.

AESSEAL International Chief Executive Officer Richard Pickles said the company had chosen Malaysia over Singapore as its base in ASEAN for more than 17 years.

He said Malaysia has the advantage of being the centre of the region, apart from having resourceful and consistent talents from local universities, and economical business operations. — Bernama

We expect the sales growth momentum to continue to enable us to achieve our target of RM115 million sales by 2020.

Koh Choon Siew, Asia Operation Director