INGRS Expects to Book ฿3.7bn for 7 Years from the “Global OEM” Project!

Ingress Industrial (Thailand) Public Company Limited (INGRS) has stated that its wholly-owned subsidiary company, Ingress Industrial Malaysia Sdn Bhd (IIM), have received a Letter of Intent from the Global OEM for the manufacturing of stamping parts comprising rear-floor and side-structure modules for a new model to be manufactured in Indonesia (Project).

The total investments for the Project is 380 million baht comprising machinery and equipment. The revenue from the Project is expected to be 3.7 billion baht for 7 years. The components to be supplied to the Global OEM shall be used both for the domestic and export markets.

The Project is expected to commence production in the fourth quarter of the financial year ending 31 January 2022.

The Project is to be undertaken by a new joint venture company (PT JVCo) to be incorporated in Indonesia. IIM is expected to subscribe 70% equity in the PT JVCo with the remaining 30% to be reserved and allocated to our Korean and Indonesian partners. Further details of the PT JVCo shall be announced to the Stock Exchange of Thailand upon its incorporation.

With the implementation of this Project, the Board of Directors of INGRS is of the opinion that the Project shall contribute positively to the financial performance of the INGRS Group, expand our customer base and increase significantly our presence in Indonesia.