SINGAPORE: SGX-Catalist listed MeGroup Ltd. has started to manufacture noise, vibration and harshness (NVH) components for the heating, ventilation and air-conditioning (HVAC) industry as an Approved Supplier of Johnson Controls Hitachi.
MeGroup has started to produce and supply NVH components to Johnson Controls Hitachi in January 2019 and as at end of February 2019, 64,710 units of NVH components have been supplied, a statement issued to SGX said.
MeGroup expects a steady growth in orders through its financial year ended 31 March 2020 for its NVH components that are used in retail and commercial air-conditioning units manufactured by Johnson Controls Hitachi, based on preliminary indications by the customer and the new models that are under development. The Group will continue to seek opportunities to expand its business within the HVAC industry.
Wong Cheong Chee, Executive Chairman and CEO of MeGroup Ltd. commented: “I am happy to report that we have successfully diversified our manufacturing business into the HVAC industry. HVAC NVH components are manufactured using similar processes and machinery as our current automotive NVH components, so their supply not only diversifies our income but also allows us to enhance the utilisation of our production capacity.”
The production and supply of HVAC NVH components is not expected to have any material impact on the Group’s financial results for the financial year ending 31 March 2019.[the_ad id=”31605″]