LEM HOLDING SA
/ Key word(s): Expansion
Geneva, Switzerland, and Penang, Malaysia, 23 June 2022 – LEM (SIX: LEHN), a leading global company in electrical measurement for renewable energy, automation, power network and e-mobility applications, announces that an inauguration ceremony is being held today in Penang, Malaysia for its new production plant. The ceremony is attended by the Chief Minister of Penang, the Chairman and CEO of LEM, together with invited guests including the Swiss Ambassador to Malaysia. The project was first announced in 2020, and today marks a major step in its construction with the first electric current sensor products expected to come on-line in Q1 2024.
Right Honorable Mr. Chow Kon Yeow, the Chief Minister of Penang, said: “Supply chain resiliency and well-developed ecosystem are among the key differentiators that made Penang a sustainable location for the electrical and electronics (E&E) players. Being a leading company in electrical measurement that serves the emerging and high-growth industries, I am confident that LEM would be able to reap a myriad of benefits from its operation in Penang while complementing the State’s presence in the world map of technology.”
“The State, via InvestPenang and other relevant state agencies, is committed to work closely with LEM to ensure smooth project implementation on the ground,” Chow added.
Andreas Hürlimann, Chairman of LEM, remarked: “We are delighted to be welcomed today by the key persons in Malaysia who have made this investment process come to fruition so efficiently, despite the recent pandemic challenges. We selected Penang as a strategic location to improve our supply chains, increase our resilience and better meet the needs of our customers here in Asia, as well as Europe and the US. This plant will complement our existing facilities in China, Bulgaria and Switzerland as we invest in more capacity to achieve our ambitious but profitable growth objectives in the coming years.”
Frank Rehfeld, Chief Executive Officer of LEM, commented: “The talent and experience available here in Penang will be of significant benefit to LEM, particularly in the domain of semiconductors. This plant will be the main testing base for our integrated current sensor (ICS) products which are in great demand from customers in our automation, automotive and renewable energy businesses. As we develop our manufacturing operations here, we may also consider adding R&D investment and capabilities. We are grateful to everybody who has helped the project reach this important milestone today.”
The Malaysian Investment Development Authority's (MIDA) CEO, Datuk Arham Abdul Rahman, commended LEM Malaysia on the company's significant milestone, saying, "We are excited to witness LEM joining and further developing Malaysia's vibrant E&E ecosystem. We are proud that Malaysia, guided by our National Investment Aspirations (NIA), continues to fit into the overall growth strategy of major foreign companies, solidifying our position as an integrated global manufacturing hub for the industry. We anticipate seeing exciting spillovers from this project, particularly in generating high-skill employment for local talent, contributing to the socioeconomic upliftment of the community and boosting commercial development in the region. We are deeply appreciative of LEM’s resounding vote of confidence in Malaysia as a preferred investment destination. LEM can be assured that MIDA will render our full support in facilitating your business in this country.”
Notes to editors:
LEM is celebrating its 50th anniversary in 2022, having been founded in Geneva, Switzerland in 1972. The company recently announced record annual sales of CHF 373.4 million, further details of which can be found together with the latest Annual Review by accessing http://www.lem.com/en/investors
Images of today’s event and LEM products can be accessed here: https://www.dropbox.com/sh/b88amc1sp2gn7pa/AADrOYs_ST8l7IjJNQew73aga?dl=0
LEM – Life Energy Motion
A leading company in electrical measurement, LEM engineers the best solutions for energy and mobility, ensuring that our customers’ systems are optimized, reliable and safe.
Our 1,500 people in over 15 countries transform technology potential into powerful answers. We develop and recruit the best global talent, working at the forefront of mega trends such as renewable energy, mobility, automation and digitization.
With innovative electrical solutions, we are helping our customers and society accelerate the transition to a sustainable future.
Listed on the SIX Swiss Exchange since 1986, the company’s ticker symbol is LEHN.
Contact: Investment community
Andrea Borla, Chief Financial Officer
Phone: +41 22 706 1250
Contact: Swiss Media
Cabinet Privé de Conseils s.a. (CPC)
Nick Miles, firstname.lastname@example.org, direct +41 22 552 46 26, mobile +41 79 678 76 26
Michael Füglister, email@example.com, direct +41 22 552 46 29, mobile +41 78 839 07 62
Contact: Malaysian Media
Dreamz Productions Events Management Sdn Bhd
Cheah WY, firstname.lastname@example.org, mobile 019-478 8232
Yeoh Bit Kun / Ooi Phei Wen
Communication and Business Intelligence Division
End of Media Release
|Company:||LEM HOLDING SA|
|CHEMIN DES AULX 8|
|Phone:||+41 (0)22 706 11 11|
|Fax:||+41 (0)22 794 94 78|
|Listed:||SIX Swiss Exchange|
|EQS News ID:||1382419|
|End of News||EQS News Service|