News 

Rising demand for fasteners in the Asia-Pacific, Asean and the Middle East is prompting local manufacturers to expand their business this year amid a challenging global economy. Chin Well Holdings Bhd is expanding its business this year to tap the growing global fastener sales, which according to The Freedonia Group, an industry market research firm, is expected to rise by 5.2% yearly to US$82.9bil (RM266bil) in 2016. The report said the Asia-Pacific region would record the fastest demand gains from 2011 to 2016, averaging 7.4% a year, driven primarily by the strong China market.

Chin Well director would increase production of its do-it-yourself (DIY) fasteners range. “We also expect to obtain new CE (European Conformity) certifications before the end of the year to enable us to supply to government projects in Europe. We will produce the range of fasteners used in the infrastructure sector of Europe, Asia and the United States from the plant here. The group’s DIY business is on track to generate about 40% of the group’s revenue in 2015, compared with 15% currently. Due to the capacity expansion for galvanized wire products in 2012, Chin Well’s production of fasteners and wire harness products will hit around 126,000 tonnes this year compared with 120,000 tonnes in 2012, or about 9% more.