Things are picking up for Ingress Corporation – the automotive components manufacturer has announced that it has received contracts from three companies for component supply, with the projects worth RM51.6 million in revenue over a five-year period.
In a statement made to the Bursa on October 8, the first letter of intent is from Proton, with Ingress’ wholly-owned subsidiary Ingress Engineering set to supply heatshield mufflers for a new Proton model.
Deliveries are set to commence towards the end of the first quarter of the financial year ending January 31, 2014, and the project is forecasted to generate a total of RM3.16 million in revenue for Ingress, with investment slated to cost RM250,000.
The second project is in Indonesia, where the company – through its subsidiary company PT Ingress Malindo Ventures – will supply brackets to PT. Asahimas Flat Glass. This one is set to generate RM3.70 million in revenue, with investment expected to cost RM350,000.
The third project will see subsidiary firm Ingress Autoventures Co supplying inner sash parts to Honda Automobile Thailand. In terms of generated revenue, this one is the largest, worth RM44.75 million, at an investment cost of RM4.57 million. Supply commencement for both the Indonesian and Thai projects are set to be within the fourth quarter of the financial year ending January 31, 2014.
The three projects aren’t the only contracts that Ingress will be busy with – earlier, on October 2, it announced in another statement to the Bursa the receipt of contracts from Isuzu Motors Thailand, Mitsubishi Motors Thailand and PT. Toyota Motor Manufacturing Indonesia for projects worth an aggregate total value of RM24.6 million.
It’s certainly good news for Ingress, all this activity, and the news also augurs well for the country and other automotive suppliers. While it looks like we’ve lost out in being the premier automotive manufacturing base in the region, with both Thailand and Indonesia now slugging it out to be top dog, the news about Ingress’ developments mean that the Malaysian automotive sector still has the chance to shine, even if it is through vendors and component supply.
Looking to sell your car? Sell it with Carro.
“for a new Proton model.”
I wonder which model is that…
I respect much on ingress as an automotive supplier. been working in the industry for yrs, I do think this local company has a lvl of expertise that cant b matched by cronies companies… been watching them from customers view.
the way they build their workers and treat them, I had much respect.
That’s good to know. I was afraid they are another bunch of crownies. :)
HAHHAHA.. INGRESS IS ANOTHER CRONIES COMPANY LA.. HAHAHAHAHA… STUPID.. GO DO YOUR HOMEWORK
apparently the owner is closely linked to one opposition leader. opposition crony? Just wait till the Pakatan rules. Pakatan Political parties run by families, granpa, father, mother, daughter, son, cousins, wife, boyfriends etc. Not to mention holding on to power for decades longer than Kim Jong-il while other leaders have retired and changed by new generations. I’ll bet BN cronies are getting contract from from selangor and penang gov too
cronies or not is not the main point, the main point is Ingress can supply good auto component
Invest RM250k for a supply of RM3.16 million worth of components. Do you need a listed company to do this?
Any Ah Beng stamping shop also can do better than this.
“…heatshield mufflers for a new Proton model.” ???
That sounds interesting… anyone knows what model is this?
gsc
This GSC is on, off, on and off again
might be Preve hatchback with 6 speed manual transmission….source from makcik kantin proton as usual..
a new proton model? interesting…
Ingress is our customer.I feel pround of Ingress group
As usual, kampung mindset that makes us lose out the competitiveness to be the automotive hub.
Continue to enjoy P1
After Honda Thailand,soon surely they will supply components to Honda Malaysia..
More localization means cheaper Honda car for us,Malaysian!! Kudos Ingress, it’s a win-win.
Since when, cheaper manufacturing = lower prices, in our automotive market?
Many Ingress people were formerly from Proton…..and some of the people in Proton now used to work for Ingress….
it was the vendors and suppliers who drove manufacturers to Thailand and Indonesia…
so, everybody involves in malaysian auto industry is crony. So, who is not?