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Press Release
Interplex Industries and Stewart EFI Establish Joint Venture
Flushing, NY - August 10, 2004 - Interplex Industries, a leading global provider of precision metal stamped, plated and plastic molded components and assemblies and Stewart EFI, a leading US-based contract manufacturer of precision deep drawn, stamped and assembled components, announced today that they have developed a joint venture to offer deep draw as well as staked and welded wire assembly manufacturing services in China.
The joint venture company, Interplex / Stewart EFI, will operate from Hangzhou, China. The companies will be marketing the services of the joint venture to the automotive, electronics and cosmetics industries and will be utilizing transfer press, progressive die and automated assembly technology to perform the manufacturing services.
"We are very excited about this joint venture with Interplex," commented Dan Stokes, chairman and chief executive officer of Stewart EFI. "The market for our services in China is very robust. Stewart EFI's engineering and manufacturing expertise combined with Interplex's successful history of operating in China creates a world class, competitively positioned manufacturing capability to serve our customers."
Jack Seidler, chairman and chief executive officer of Interplex added, "We believe that creating a joint venture with a world class company, like Stewart EFI, is an important step for Interplex. This is an opportunity to leverage our 35 years of expertise in establishing global operations and work with US-based companies to offer new manufacturing capabilities in emerging markets."
The companies expect the joint venture to begin operations in the third quarter of 2004.
About Interplex Headquartered in Flushing, NY, Interplex Industries has provided precision metal stamping, electroplating, insert and injection molding, metal etching and assembly services around the world since 1958. Interplex currently provides its services to the automotive, communications, electronics and medical markets. The company has facilities in the United States, Mexico, China, Singapore, India, Scotland, France and Germany.
About Stewart EFI Headquartered in Thomaston, CT, Stewart EFI's capabilities include deep drawn, progressive die and slide formed metal stampings, wire forms and automated and secondary assembly. The company has served the automotive, electrical, electronics, consumer, cosmetics, battery and medical markets internationally since 1936.
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