Moen Electric (002451.SZ) plans to increase capital by no more than 450 million yuan in Thailand to build overseas cable production bases

Zhitong Finance App News, Moen Electric (002451.SZ) issued an announcement. In order to make full use of Thailand's location and resource advantages and the company's own technical advantages, actively lay out overseas production capacity to respond flexibly to the complex and changing international trade environment, radiate the North American and Southeast Asian markets, and promote the company's business development in the international market, the company plans to increase the capital of the company's wholly-owned subsidiary with no more than 450 million yuan (or equivalent foreign currency) with its own capital or self-financing. After the capital increase is completed, the capital increase will be carried out in Thailand by an equivalent amount. The capital payments will Used to drive the construction of an overseas cable production base in Thailand.

The company plans to purchase land in Thailand to build a new cable production base, mainly for the production of UL standard power cables, photovoltaic cables and other products for the North American market. The implementation of the project is conducive to transforming early leasing trial production results into its own stable production capacity, using Thailand's location and place of origin advantages to optimize export plans to the US, cope with complex international trade environments, and spread supply chain risks; it is conducive to shortening delivery, improving response speed, and consolidating customer resources in the North American market; improving the company's global production capacity layout, forming production capacity collaboration at home and abroad, and enhancing the company's resilience to risks and international market competitiveness. It is an important step for the company to deepen its internationalization strategy and expand overseas cable business.