HONG
KONG, Feb. 13, 2023 /PRNewswire/ -- Highway
Holdings Limited (Nasdaq: HIHO) today announced that TÜV
Rheinland Cert GmbH, a leader in independent testing,
inspection and certification, has awarded the Company ISO 9001:2015
certification for its Myanmar
factory's quality management system.
This ISO 9001:2015 certified quality management systems is now
existing in all the Company's factories, which not only ensures a
consistent high quality of manufacturing process, but more
importantly the Company expects this will help to attract new
business, since purchase managers, are hesitant to issue orders to
any factory without ISO certification.
ISO 9001:2015 is an international standard for quality
management systems (QMS) developed by the International
Organization for Standardization (ISO). It outlines the
requirements for a QMS to be implemented in an organization and is
based on a number of quality management principles including a
strong customer focus, the involvement of top management, a process
approach, and continual improvement. The standard is designed to
help organizations consistently meet customer requirements and
improve their overall performance.
Roland Kohl, chairman, president
and chief executive officer of Highway Holdings, said, "Our factory
in Myanmar has been consistently
producing high quality products with proper quality control
processes in place. The official ISO 9001:2015 certification
confirms that and is important for new business."
"It must be noted that because Myanmar does not have its own ISO
certification for industrial manufacturing companies, we had to
import the inspection company from another country. Therefore, it
was much more difficult and time consuming to get this
certification completed. We believe that the investments we have
made, our history of production and quality excellence and our
formal certification, combine to give us an advantage that will
help drive growth at our Myanmar
facility. In particular, we expect to generate new revenue
opportunities from Chinese based companies that need additional
capacity to offset their own labor shortage."
Highway Holdings Limited previously shifted the majority of its
labor-intensive assembly, and a portion of its component
manufacturing operations to its manufacturing and assembly facility
in Yangon, Myanmar. The cost of
operating an assembly facility, particularly as a result of the low
cost of labor, currently is significantly lower in Myanmar than in Shenzhen, China.
The abundant, low cost labor of Myanmar provides an attractive solution to
overcome the labor shortage caused by the
one child policy in China.
As a result, the Company is actively pursuing new outsourcing
business from China-based
manufacturers.
About Highway Holdings
Highway Holdings is an international manufacturer of a wide
variety of quality parts and products for blue chip equipment
manufacturers based primarily in Germany. Highway Holdings'
administrative offices are located in Hong Kong and its manufacturing facilities are
located in Yangon, Myanmar
and Shenzhen, China. For more
information visit website www.highwayholdings.com.
Except for the historical information contained herein, the
matters discussed in this press release are forward-looking
statements which involve risks and uncertainties, including but not
limited to economic, competitive, governmental, political and
technological factors affecting the company's revenues, operations,
markets, products and prices, the impact of the worldwide COVID-19
pandemic, and other factors discussed in the company's various
filings with the Securities and Exchange Commission, including
without limitation, the company's annual reports on Form
20-F.
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SOURCE Highway Holdings Limited
