Azmin meets top officials of US firms Lovesac and Indium Corp in trade mission
11 May 2022
Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali has met with the top officials of American companies Lovesac and Indium Corporation in the US as part of his ministry’s trade and investment mission there, which began on May 8.
Lovesac is a sofa company, while Indium is a global American company specialising in the manufacturing and design of solder paste and thermal metal electronic materials for application in electrical and electronic chips.
Azmin said Lovesac founder and chief executive officer Shawn Nelson had expressed his “deep appreciation” to the Malaysia External Trade Development Corporation (MATRADE) for helping it find the right Malaysian supplier from Perak for wooden upholstered frames.
The proactive facilitation “had borne fruit” for both Lovesac and Malaysia’s local furniture industry, the minister added.
“Targeting to triple the sourcing value from US$20 million (about RM87.54 million) to more than US$50 million, Lovesac is committed to continuing to procure not only wooden frames but also electronic products for their furniture, such as power hubs, from a company in Penang,” said Azmin on his Twitter account.
Meanwhile, Indium had committed to “establishing a new manufacturing plant for solder paste and considering a research and development innovation lab and training centre in Malaysia”, the minister revealed.
Indium president and chief operating officer Ross Berntson noted that Indium’s more than 40-year history of doing business in Malaysia is founded upon the country’s established supply chain ecosystem for the electronics industry.
“This is a major accomplishment since Indium’s expansion is a move higher up the value chain, truly manifesting our aspiration towards becoming an innovation-driven economy which will elevate Malaysia’s position as the manufacturing hub for the region,” Azmin said. “The decision to choose Malaysia as the destination for Indium’s new manufacturing facility in Penang is poised to further improve Indium’s productivity and efficiency in managing the supply chain.”