FEMCO spins off business unit

Taipei, April 15, 2003 (CENS)--Far East Machinery Co., Ltd. (FEMCO), a manufacturer of industrial machines and machine tools, spun off its machining parts department into a technology-oriented firm named FEMCO Steel Co., Ltd. Earlier this month.

Since its reorganization in 1963, FEMCO has been expanding its production capacity and business scope. Currently, the Taiwan-based company is involved in machining parts, golf clubs, machinery, iron and steel, electronics, electric beds, covering light, heavy, electronics, medical and healthcare.

The company is currently capable of rolling out one million iron shafts per month, and it plans to expand its capacity to 15 million in 2005.

After years of struggling, FEMCO expects to enjoy a business turnaround this year. "The recovery of the Asia-Pacific steel market has given us new steam," said FEMCO president Chuang Kuo-hui. "We have also seen an influx of orders for computerized numerically controlled lathes, vertical lathes, and CNC horizontal boring/milling machines since the beginning of this year."

Chuang said his firm is planning to develop new products and business units to win orders from major global brands. "We will make an all-out effort to develop as the world's No.1 supplier of iron shafts in the next few years."