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.