|Press Release: January 14, 2002
Pin Ni, President of Wanxiang America Corporation, Elgin (Chicago), Illinois, a wholly owned Subsidiary company of Wanxiang Group China announced today its year-end results for 2001. Sales Increased to $100 Million for the first time in the company's history. Profits increased comparably but are not reported by the privately controlled company.
The Company moved to its new headquarters location in Elgin, Illinois in December of 2001. The new 160,000 sq., ft. warehouse and two story office facility provides ample space for just in time parts warehousing and for additions to the Wanxiang America engineering staff.
Largest growth areas were in U.S., European, and Latin American sales of automotive products and Bearings of which Wanxiang is an industry leader. Several new automotive contracts with tier-one suppliers were signed during 2001. Sales growth for 2002 is expected to exceed the $150 million mark.
A service offered by Wanxiang America Corporation assists U.S. companies in their efforts to do business with and within China. Wanxiang America handles the specific business needs of its U.S. customers through its English-speaking personnel in Chicago and guarantees implementation within China, thereby eliminating many of the frustrations of doing business in and within China. Costs of doing business are greatly reduced by utilizing the Chinese staff of Wanxiang Group and eliminating the need for the U.S. company to post staff in China.
Wanxiang America Corporation has been awarded a "Certificate of Agency" by the major Chinese publication "China Business Daily", making Wanxiang America the exclusive U.S. agent for advertising in the daily China business publication. Wanxiang America will work closely with major U.S. corporations and their advertising agencies in the placement of institutional advertising within China.
Wanxiang Group China is one of the leading enterprise groups in China and has seen rapid growth as the privatization of industry increases. Wanxiang Group employs over 25,000 people and has current revenues in excess of $1 billion. Wanxiang Group is the largest manufacturer of automotive universal joints in the world.
Each year more and more U.S. Companies are doing business with and within China, and more and more companies are turning to Wanxiang America Corporation for help in accomplishing their goals.