TECO Electro Devices Co., Ltd., an affiliate of TECO Electric & Machinery for share listing on the Emerging Stock Market
Backed by its remarkable sales performance in recent years, TECO Electro Devices Co., Ltd., an affiliate of TECO Electric & Machinery, applied to the Taiwan Stock Exchange for public share offering on May 3 and is scheduled for share listing on the Emerging Stock Market in August.
With sales growth topping 30% in 2020, TECO Electro Devices produces servo motors, permanent-magnet stepping motors, and brushless DC motors, representing TECO Group's deployment in precision motor, smart manufacturing, and e-vehicle.
In the wake of proliferation of smart manufacturing in the recent years, TECO Electro Devices noted that demands for its series of servo products have been surging, for extensive applications in smart manufacturing and factory automation equipment and systems. Moreover, the products can combine with the PLC control units, high-performance invertors, and nimble drivers of TECO Electric & Machinery for applications in rubber/plastic machinery, packaging machines, cutting machines, various machine tools, auto production, semiconductor industry, smart logistics, PCB driving machines, AMR (autonomous mobile robot), and Cobot (collaborative robot).
Lin Sheng-chuan, chairman of TECO Electro Devices, reported that the company's sales grew 23% in Q1 over the previous quarter and 65% than a year earlier, thanks mainly to the booming business of servo motors, adding that the company will collaborate with international industrial control firms in Europe, the U.S., and Japan, on an ODM basis, for tapping the markets of China, India, and Taiwan, as well as development of next-generation servo motors, scheduled for rollout in early 2022, mainly for the high-tier markets of Europe, the U.S., and Japan.
After becoming a public company, expected to take effect 12 business days after application, TECO Electro Devices plans to convene a provisional shareholders' meeting in July, for the appointment of independent directors, before listing its shares on the Emerging Stock Market in August. Thanks to spike in demands for medical devices and fitness equipment with magnetic simulated load during the pandemic, the company scored over 50% sales growth for servo motors and driving and control devices in 2020. It expected to keep up the growth momentum in 2021, via development of series of medical and e-vehicle application products.
Profile of TECO Electro Devices Co., Ltd.: Founded in 1998 as a spinoff from the stepping motor business division of TECO Electric & Machinery, the company specializes in the production of stepping motors, shipped worldwide, and has significantly diversified its product lineup in recent years, which now includes servo motors and DC brush/brushless motors, with the direction of its future development conforming TECO Group's vision of "energy conservation, emission reduction, intelligence, and automation."