Top Flight Visit by Executives from CSR Group Celebrates Expansion News
Listing: TSX Venture Exchange
LINCOLN, England, June 16, 2011 /CNW/ - Dynex Power Inc's subsidiary, Dynex Semiconductor Limited, today
released details of a recent visit to its Lincoln site by senior
executives from CSR Corporation of China.
Dynex Semiconductor hosted a high-profile Chinese delegation - marking
an exciting move to create more high-tech jobs and the successful
completion of its new £12 million production line.
The company welcomed Zheng Changhong, President of CSR Corporation,
along with leaders of the major CSR railway rolling stock business, to
celebrate the growth of the business. During the visit on June 14th the party heard how the firm's multi-million pound IGBT fabrication
facility is now in full production. Mr Zheng also performed a
groundbreaking ceremony, kick-starting work on the foundations of a new
office block to house Dynex's expanding Research & Development Centre.
Guests, including Lincoln Mayor Kathleen Brothwell, Mayor's Consort Jeff
Boyall, Ruth Carver, Operations Manager-Enterprise from Lincolnshire
County Council's Economic Regeneration team and UK Trade and Investment
officials, who joined Dynex management and workers for the occasion,
were told how the R&D Centre, first announced in May 2010, has
consolidated the power semiconductor R&D activities of Dynex and CSR
Times Electric into a single centre of excellence.
Dynex currently employs 295 people in Lincoln but its growth paves the
way for another 30 new jobs over the next three years and it has been
decided to build the new office block next to its existing factory.
This will house about 60 people, mainly high technology engineers in
the R&D Centre, but it will also include a new visitors' reception
area, new offices for finance and management and state-of-the-art
meeting and conference rooms. Dynex's latest investment could also
create a superb opportunity for a local construction company, because
the building contract has still to be awarded.
Mr Zheng said the R&D centre will focus on developing new technologies
and products to expand the high power semiconductor product portfolio
of both Dynex and CSR Times Electric. The company's products are key to
a wide range of industries, including rail transportation, electric
vehicles, wind power generation, solar power, electric power grids and
high voltage power conversion. These products will be made in Lincoln
and also in China. It is expected that CSR Corporation will be a major
user of these components for domestic applications in China.
"I last visited Lincoln in November 2008, just after we completed the
acquisition of CSR Times Electric's 75 per cent share of the Dynex
Business," said Mr Zheng. "Since then, I have seen many improvements:
the new IGBT wafer fabrication facility is now in full production; the
Dynex business remains profitable; revenue has grown by 20 per cent;
and the engineering teams have developed the IGBT products to match
international railway standards. I am very pleased to confirm the
construction of this new R&D Centre building for Dynex as tangible
evidence of CSR's confidence in a prosperous future for the
semiconductor business in Lincoln."
Dynex President and Chief Executive Officer Dr Paul Taylor said: "It was
an honour to welcome Mr Zheng and the distinguished guests to Dynex
Semiconductor. Their visit marked a key milestone in the development of
our semiconductor business towards realising our joint ambition of
becoming a leading global high power semiconductor business. The
collaboration between Dynex and the CSR's semiconductor business in
Zhuzhou is a great example of building on our strengths: those of the
UK in research, innovation and high-value manufacturing and China's
strengths in large-scale manufacturing, coupled with the country's huge
demand for power electronic components. I fully agree with Mr Zheng's
confidence in a bright future for our semiconductor business," added Dr
UKTI Director Asia John Saville said: "This morning I was preparing the
2011 Summit between the two countries' Premiers at the end of this
month, under the headline "Partners for Growth". This is a perfect
example of the partnership between China and the UK. We believe this is
one of the first cases where a Chinese company has transformed an
acquisition into an R&D operation. This will position the operation at
the top of the value chain for their business and, with continued
investment, will create an increasing number of high quality jobs in
the UK," said Mr Saville. "We hope that this investment will inspire
further Chinese investment in the UK."
About the Company
Dynex designs and manufactures high power bipolar semiconductors, high
power insulated gate bipolar transistor (IGBT) modules, high power
electronic assemblies and radiation hard silicon-on-sapphire integrated
circuits (SOS IC's). The company's power products are used worldwide in
power electronic applications including electric power transmission and
distribution, renewable and distributed energy, marine and rail
traction motor drives, aerospace, electric vehicles, industrial
automation and controls and power supplies. Our IC products are used in
demanding applications in the aerospace industry. Dynex Semiconductor
Ltd is its only operating business and is based in Lincoln, England in
a facility housing the fully integrated silicon fabrication, assembly
and test, sales, design and development operations. Dynex is majority
owned by Zhuzhou CSR Times Electric Co., Ltd.
Zhuzhou CSR Times Electric Co., Ltd. is based in Hunan Province in the
People's Republic of China. It is listed on the Hong Kong stock
exchange. CSR Times Electric is mainly engaged in the research,
development, manufacture and sales of locomotive train power
converters, control systems and other train-borne electrical systems,
as well as the development, manufacturing and sales of urban railway
train electrical systems. In addition, CSR Times Electric is also
engaged in the design, manufacturing and sales of electric components
including power semiconductor devices for the railway industry, urban
railway industry and non-railway purposes.
CSR was established at the end of December 2007 and has 16 subsidiary
companies and more than 80,000 workers, based in 10 provinces and
cities around China. The Corporation is approved by the State-owned
Assets Supervision and Administration Commission of the State Council.
It is listed on the Shanghai and Hong Kong stock exchanges and
co-funded by China South Locomotive and Rolling Stock Industry Group
Corporation and Beijing Railway Industry Economic and Trade Company.
Press announcements and other information about Dynex are available at www.dynexsemi.com.
Further information on CSR Times Electric can be found at www.timeselectric.cn/en
Further information on CSR Times Electric can be found at www.csrgc.com.cn/ens/
All monetary values expressed in this release are in Canadian Dollars
unless stated otherwise.
The TSX Venture Exchange has neither approved nor disapproved of the
information in this press release.
SOURCE DYNEX POWER INC.
For further information:
Dr. Paul Taylor
President and Chief Executive Officer
Finance Director and Chief Financial Officer
Dynex Power Inc.
Tel: +44 1522 500 500