Highway Holdings Ltd. HIHO

NAS: HIHO | ISIN: VGG4481U1066   20/02/2024
2,090 USD (+0,97%)
(+0,97%)   20/02/2024

Highway Holdings Receives Iso 9001:2015 Certification For Its Myanmar Factory

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

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