MEMSIC COMPLETES MANUFACTURING FACILITY IN WUXI, CHINA
Andover, MA – March 15, 2010 – MEMSIC, Inc (NasdaqGM: MEMS), a leading MEMS sensing solution provider, announced today that the company has completed the construction of its new manufacturing facility and R&D center in Wuxi, China.
The newly finished facility encompasses 224,000 square feet, including a 130,000 square feet manufacturing facility and a 94,000 square feet R&D institute. The two new buildings are adjacent to the company’s current manufacturing facility in Wuxi, which encompasses 45,000 square feet and has been in operation since 2004.
The new manufacturing facility brings MEMSIC’s total manufacturing space to 175,000 square feet and, combined with MEMSIC’s existing facility, provides sufficient capacity to meet the increased demand the company forecasts for its sensor components in the next few years.
The new R&D building will serve as a MEMS technology hub for MEMSIC China, allowing us to attract and expand R&D and application engineering resources for the development of smart sensor solution products as well as for providing technical support to our customers.
“Throughout our company’s history, MEMSIC has been at the forefront of micro-electrical-systems industry,” said Dr. Yang Zhao, Chairman, President and CEO. “Much of our success is attributable to the fact that we are always ahead of the technological curve, turning new ideas and trends into actual products. We are excited to have completed this facility, which has the infrastructure we need to develop innovative, affordable multi-sensor solutions at an effective scale for our customers worldwide. It positions us to accommodate the growth we project over the next five years.”
Safe Harbor Statement
Statements included in this press release that are not historical in nature are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of the company's management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements for reasons identified under the heading "Risk Factors" in the company's most recent annual report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date hereof, and the company does not undertake any obligation to update any forward-looking statements, whether as a result of future events, new information or otherwise.
MEMSIC Semiconductor is a world's leading MEMS technology solution provider. MEMSIC provides customers with one-stop solutions from MEMS sensor chips, software algorithms to application solutions. MEMSIC’s stable and mass-produced products include the globally unique thermal accelerometers, capacitive accelerometers, AMR magnetometers, low-power consumption Hall switches and more, which are widely used in automotive, industrial, medical, wearable, smart home, and consumer electronics applications, providing people with a more intelligent, reliable and safe technological experience by sensing the displacement and motion changes of the physical world. Sensing the beautiful life with MEMSIC. For more information, please visit www.memsic.com or follow us on WeChat and LinkedIn.