China Yuchai International's Joint Venture with Caterpillar Inaugurates Remanufacturing Plant
SINGAPORE, July 13, 2012 /PRNewswire-Asia-FirstCall/ -- China Yuchai International Limited (NYSE: CYD) ("China Yuchai" or the "Company"), announced today the inauguration of Yuchai Remanufacturing Services (Suzhou) Co., Ltd's ("Yuchai Remanufacturing") new permanent factory at Suzhou Industrial Park. The new factory will replace Yuchai Remanufacturing's operations at a temporary workshop located nearby.
Yuchai Remanufacturing is a joint venture company formed in 2010 between the Company's main operating subsidiary, Guangxi Yuchai Machinery Company Limited ("GYMCL") and Caterpillar (China) Investment Co., Ltd. ("Caterpillar China"), a subsidiary of Caterpillar Inc. to provide remanufacturing services mainly for GYMCL's diesel engines and components. Yuchai Remanufacturing delivered its first remanufactured engine in September 2011. With phase one of the permanent plant commencing operations, approximately 14,000 square meters of space is now available to support Yuchai Remanufacturing's activities. The new plant is expected to reach full operational capacity in 2014 with approximately 400 employees.
Mr. Yan Ping, Chairman of the Board of Directors of GYMCL together with representatives from Caterpillar and members from the Working Committee of the Suzhou Industrial Park as well as from the Chinese Academy of Engineering attended the inauguration ceremony.
Mr. Benny H. Goh, President of China Yuchai, commented, "Moving into our new permanent facility sets the groundwork for us to reach our remanufacturing goals in the future. Through our sophisticated remanufacturing process, matured parts and components are transformed to become like-new products in terms of reliability, durability and performance which is a cost-effective solution for our customers. Our remanufacturing services will minimize raw material usage and waste during the remanufacturing process thereby enhancing our "green" environment agenda. We expect Yuchai Remanufacturing to become the leader in China for remanufactured engine parts."
About China Yuchai International
China Yuchai International Limited, through its subsidiary, Guangxi Yuchai Machinery Company Limited ("GYMCL"), engages in the manufacture, assembly, and sale of a wide array of light-duty, medium-sized and heavy-duty diesel engines for construction equipment, trucks, buses and cars in China. GYMCL also produces diesel power generators, which are primarily used in the construction and mining industries. Through its regional sales offices and authorized customer service centers, the Company distributes its diesel engines directly to auto OEMs and retailers and provides maintenance and retrofitting services throughout China. Founded in 1951, GYMCL has established a reputable brand name, strong research and development team and significant market share in China with high-quality products and reliable after-sales support. In 2011, GYMCL sold 510,777 diesel engines and is recognised as a leading manufacturer and distributor of diesel engines in China. For more information, please visit http://www.cyilimited.com
Safe Harbor Statement
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that may be deemed forward-looking statements. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations, financial performance and condition. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including those discussed in the Company's reports filed with the Securities and Exchange Commission from time to time. The Company specifically disclaims any obligation to maintain or update the forward-looking information, whether of the nature contained in this release or otherwise, in the future.
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SOURCE China Yuchai International Limited
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