STB, which has customers in South-East Asia, Europe, the United States and Mexico, said in a statement that the two had signed a memorandum of understanding (MoU) with the intention of forming a joint venture (JV) to provide one-stop product and services to customers worldwide in plastic injection moulds and tools.
Sanichi Protev Sdn Bhd, the JV company in which STB will own a 51% stake, is expected to lead to a permanent and long-term partnership, after years of informal partnership with Protev.
“The rational to form Sanichi Protev is for Sanichi to lock in Protev as its customer and Protev can secure more automotive industry business from Europe and North America for our JV company.” STB managing director Datuk Seri Dr Pang Chow Huat said.
Protev director Thomas Tukacovic estimated that the new JV company would boost STB’s order book of mould making business by 30% in 2016. “This will be much higher than the growth of the global automotive industry,” he said.
Currently, more than 90% of STB’s revenue is from the overseas automotive industry.
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