GMI Technology Inc. (Public, TPE: 3312) announced today the results for the 1st year of operations of GW Electronics Company Limited. GW Electronics is a GMI joint venture in partnership with Willas-Array Electronics (Holdings) Limited that was announced in November 2012. For the twelve month period ending December 31, 2013 net sales revenue was over US$ 200 million, significantly exceeding the business plan. The majority of sales were from semiconductor products sourced from Toshiba.
Commenting on the announcement, Lewis Lo, GMI president, said, “We are very pleased with the impressive start to this strategic venture. Customer shipments started ahead of schedule, and coupled with strong demand, sales revenue was well above target. In addition GW Electronics was profitable in the 1st year of operations. We are optimistic on the continued success of the venture and the expansion to new customers and markets in mainland China.”