Ritek to invest US$9.5 million to form new overseas holding company

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Wednesday, July 18, 2001

Ritek to invest US$9.5 million to form new overseas holding company

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"...Ritek decided to invest US$9.5 million to set up an overseas holding company, Magenta Lane Investment Ltd. The new company will focus on investments in pre-recording media operations and overseas capacity expansion.

Ritek said that to avoid potential problems arising from the European Union’s (EU) anti-dumping regulations and strengthen its global presence, the holding company will mainly invest in CD-R production lines. In the second half of 2001, Ritek will start setting up more production lines to boost capacity by 30-40 million discs per month in its Germany, UK and northern Ireland plants through the holding company. Ritek expects to double its overall production capacity of CD-R discs to 60-80 million pieces per month by year-end.

Besides its CD-R production lines, Ritek also plans to increase its pre-recording media production lines from 50 to 75 through the holding company. Ritek said that the company will mainly handle investments in its European operations, so it will not invest in Ritek’s China subsidiary for the moment..."