LISTED CHIPMAKER Cirtek Holdings Philippines Corp. has been tapped by a United States-based firm to manufacture its light-emitting diode (LED) products, high-value merchandise said to enjoy fast growth.
The Laguna-based electronics company will start manufacturing the products for Light Engines LLC by November, Cirtek said.
"Light Engines will soon start mass production of its LED products in Philippines, utilizing Cirtek's expertise in manufacturing and world-class quality products," the statement read.
The products "will carry the brand of Light Engines," Cirtek Holdings Chief Finance Officer Anthony T. Buyawe said.
"It is a straight manufacturing arrangement with Light Engines, leveraging on Cirtek's world-class assembly capability standards," Mr. Buyawe said in a text message yesterday, noting that finished products will be shipped to the US.
"The LED industry is one of the fastest growing markets for semiconductor products," he said.
"This is the latest additional to our strategy of focusing on packages that go into high-growth industries and end-applications" he added.
The company, in the same statement, said "it is looking at more business opportunities" with one of its long-term partners, CanSemi, a United Kingdom-based semiconductor company that designs, develops and supplies energy efficient power management for electronics brands and cellphone chargers.
Cirtek Holdings last month announced that it was conducting "due diligence" for the acquisition of companies located within the Southeast Asia-Pacific region, specifically Malaysia and Thailand.
The expansion is expected to improve the company's topline, it said.
The firm previously said that it was looking to book an additional $4.2 million or P180.6 million in revenues this year on the back of additional orders from abroad.
The company, which debuted on the Philippine Stock Exchange in November last year, saw its net income at $3.97 million last year, up by 10.27% from $3.60 million in 2010 on the back of stronger sales.
The firm also said that it would begin the production of specific products for customers it gained in the aftermath of Thailand flooding last year.
Shares of Cirtek rose by 0.53% to P9.50 apiece when the stock market closed yesterday.
