XP Power Breaks Ground Its Largest Global Manufacturing Facility To Support Rising Demand
Perak, September 8, 2022 – XP Power, one of the world’s leading developers and manufacturers of critical power solutions for the electronics industry, has begun construction on its latest manufacturing facility in Perak, Malaysia. The Asia III site will be the company’s largest facility, representing the biggest investment valued at RM228 million for Phase 1, over the span of 5 years. This expansion is vital in XP Power’s global growth strategy, increasing production capacity to support surging customer demand across regions.
Construction will begin in September, with the facility expected to be fully operational by second quarter 2024. The new factory complements the company’s existing sites in Vietnam, China, the US, and Germany, enhancing the resilience and flexibility of its supply chain. It will also create significant employment opportunities in the surrounding region. The factory, once completed, will employ approximately 1,200 people.
The momentous groundbreaking ceremony was graced by YAB Dato’ Seri Saarani Mohamad, Menteri Besar of Perak; YB Dato’ Shahrul Zaman Datuk Yahya, Perak State EXCO for Industry, Investment and Corridor Development; YB Khairul Shahril bin Mohamed; Perak State EXCO for Youth, Sport, Communication and Multimedia cum State Assemblyman for Bota Constituency; Ms. Lim Bee Vian, Deputy CEO (Investment Development), Malaysian Investment Development Authority (MIDA); Mr. Izran Abdullah, CEO of InvestPerak, and Mr. Oskar Zahn, CFO of XP Power.
Menteri Besar of Perak, YAB Dato’ Seri Saarani Bin Mohamad in his Keynote Address highlighted, “The State Government is focused on the needs of the rakyat. These high impact projects will bring in investments, strengthen the socio-economy and increase job creation. These investments will stimulate the local economy, thus contributing significantly towards the economic recovery of Perak after the COVID-19 pandemic.”
“Drawn by the stability and flexibility of the Malaysian business and investment policies, many MNCs have established their base operations here, including XP Power. Their presence here is a testament to their confidence in Malaysia’s vibrant electrical and electronics (E&E) ecosystem, which comprises players across the value chain, from equipment supplies to assembly and testing. XP Power’s investment in Malaysia will undeniably further strengthen our competitiveness and ensure our industries remain resilient and competitive. We welcome and look forward to have more XP Power’s industry counterparts and similar industries to emulate and leverage Malaysia as their regional supply chain hub.” said Ms. Lim Bee Vian, Deputy CEO (Investment Development) of MIDA.
Mr. Izran Abdullah, CEO of InvestPerak commented “Perak is strategically located at the midpoint between Penang and Selangor which are two economic focal points in Malaysia. We regard this as our advantage as we are able to gain economic spill over from both States and Perak is always ready to support industrial expansion from neighbouring states. Equipped with complete infrastructure, abundance of natural resources, sufficient high-skill talents and a matured industrial ecosystem, Perak is emerging as one of the focal destinations for new investments.”
“Our new facility in Perak is fundamental for XP Power in delivering XP Power’s ambitious growth aspirations over the next 5 to 10 years. The demand for XP Power’s products is strong across the entire power range driven by demand from healthcare, semiconductor and industrial customers. The demand is only increasing in the next decade. XP Power’s completed facility will employ around 1,200 employees and it will be our largest manufacturing facility globally complementing the existing sites in Vietnam, China, the USA and Germany. The company’s management is excited for the future of XP Power and see Perak as a critical stepping stone for the Group.” said Gavin Griggs, CEO, XP Power.
MIDA is the Government’s principal investment promotion and development agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. The establishment of MIDA in 1967 was hailed by the World Bank as “the necessary impetus for purposeful, positive and coordinated promotional action” for Malaysia’s industrial development. Today, MIDA has grown to become a strong and dynamic organisation of over 700 employees. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 20 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on Twitter, Instagram, Facebook, LinkedIn and YouTube channel.
Perak Investment Management Centre (PIMC) or better known as InvestPerak, was established in January 2006 to serve as the ‘First Point of Contact for Investors’ in the manufacturing and services sectors in Perak. It primarily acts as the principal investment promotion agency of the Perak State Government and reports directly to the YAB Menteri Besar Perak. Perak State Government have mandated InvestPerak as secretariat for Centre of Investment (COI), which empowered the function of InvestPerak as facilitator in assisting investors to invest in Perak. In order to facilitate the implementation of investment projects in Perak, [email protected] have the authority to issue ‘Fast-Track Letter’ for strategic projects, which put the investment projects as a priority for all relevant agencies in their approval process. Apart from that, InvestPerak complements the role that the Malaysian Investment Development Authority (MIDA) plays at the Federal Government level, in terms of investment promotion and relevant incentives offering. InvestPerak also work closely with other related government departments and agencies, business chambers and industrial associations to ensure that the industries in Perak continue to grow and flourish.
About XP Power
XP Power is committed to being a leading provider of power solutions, including AC-DC power supplies, DC-DC converters, High Voltage power supplies and RF power supplies. With ISO9001:2008, XP Power offers total quality, from in-house design through to manufacturing facilities around the world. The company offers the widest range of power products available from one source and unrivalled technical and customer support, aiding both vendor consolidation and cost reduction programmes. XP Power has 24 sales offices throughout Europe, North America, and Asia.
XP Power Ltd (LSE:XPP), a London Stock Exchange FTSE 250 listed public company, has design centres in North America (Massachusetts, New Jersey and California) and Singapore, which also serves as the company’s headquarters. Manufacturing facilities are located in North America, Vietnam, and China. The design teams push back the boundaries of cost and technology, providing market leading power solution products. Local application teams provide expert technical support to help customers integrate and use XP Power products worldwide. Find more information about how XP Power is powering innovation at www.xppower.com
Ms. Noor Suziyanti Saad
Director, Electrical and Electronics Division, MIDA
Email: [email protected] | DL: + 603 – 2267 3575
Mr. Mohamad Noor Arif
Investor Relations Manager
Email: [email protected] | Tel: +6013-4475312
Maria Alonso, Publitek
Email: [email protected] | Tel: +44 1582390980