Grand Venture Technology acquires third facility in Malaysia for $4.4 mil; set to gear up manufacturing capacity
05 Jan 2022
Homegrown precision manufacturing solutions provider Grand Venture Technology (GVT) has acquired another manufacturing facility in Penang for RM13.5 million ($4.4 million) on Jan 5, making this the third such acquisition in Malaysia in two years.
The latest acquisition comes as the company gears up to meet the anticipated growth in demand for its services from the semiconductor industry.
The two-storey facility measures 49,000 sq ft sits on a 74,000 sq ft plot of land at the Penang Science Park. It is located between two other facilities acquired by the company in February 2020 and March 2021 respectively. The latest acquisition is also just down the road from its factory in Malaysia.
Upon taking over the facility, GVT will make architectural changes and refurbishments to the facility and amalgamate it with its existing facilities to form one integrated manufacturing hub in Penang.
The integrated hub will have a total floor area of over 350,000 sq ft. The facility will provide a complete range of precision machining, sheet metal fabrication, complex assembly and testing services, as well as cleanroom facilities, for the manufacture of semiconductor OEM equipment.
“We are excited to be starting off the year with this strategic acquisition as we position GVT for the next phase of growth. This latest acquisition is very timely as we have expanded our capabilities and customer base across various industries significantly since our listing in 2019,” says Ricky Lee, executive chairman of GVT.
“Having the facilities located next to one another is an added advantage as it enables us to scale up our production activities in an efficient manner,” he adds.
Shares in Grand Venture Technology closed flat at $1.19 on Jan 5.
Source: The Edge Singapore