MLS Signs RMB 5.5B LED Plant Construction Deal with Yiwu Industrial Park Committee

MLS and Yiwu Industrial Park Committee in China signed a LED agreement on Tuesday morning, reported China Yiwu Website.

The Chinese LED manufacturer intends to apply for the usage of 98.62 acres (600亩) of land in the park located in Zhejiang province of China, and will invest RMB 5.5 billion to construct a new LED luminaire production site, according to industry insiders understanding.

According to the report, the new production plant will manufacture LED luminaires, semiconductor materials and other auxiliary materials. The new manufacturing site is estimated to have an annual production capacity of 1 billion LED luminaires.

The construction of the plant will take five years to complete, MLS projected the completed factory would generate an annual revenue of RMB 10 billion, and create 5,000 to 10,000 jobs in the city.

Earlier in March this year, Yiwu city council and the Chinese government supported MLS’s LED plant construction project, leading to a round of talks between the park committee and the leading Chinese LED package manufacturer.

MLS is China’s biggest LED package manufacturer, and became listed on the Shenzhen SME Board in February 2015. The company’s LED revenue in second quarter of 2016 landed it in top spot in China, and placed it in ninth place globally.

The Chinese LED manufacturer also took part as a member of a Chinese investment consortium headed by IDG that acquired Osram’s general lighting business arm LEDVANCE on July 27, 2016.

Several other Chinese LED manufacturers are already in the industrial park including HC Semitek, Refond Electronics, and other manufacturers. MLS involvement in the Yiwu industrial park will offer a more comprehensive LED supply chain, which will boost Chinese LED industry’s market competitiveness.

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