SCIA...SCI Engineered Materials, Inc. to Bond Thin Film Solar Products in China
SCI Engineered Materials, Inc. ("SCI" or "Company") (SCIA: OTCQB), a global supplier and manufacturer of advanced materials for physical vapor deposition thin film applications that works closely with end users and OEMs to develop innovative, customized solutions, today announced it plans to begin manufacturing thin film solar products in China beginning approximately mid-year 2019.
Under a joint agreement with publicly-owned Konfoong Materials International Co., LTD ("KFMI") (300666.SZ), KFMI will bond rotatable thin film solar Aluminum Zinc Oxide (AZO) cylinders produced in Columbus, Ohio for thin film solar customers in China. Additionally, SCI will transfer its bonding technology for rotatable sputtering targets and KFMI will invest in new equipment for this manufacturing process. The Company's products for photonics and thin film solar customers in areas other than China will continue to be bonded at the Company's manufacturing facility in Columbus, Ohio.
Dan Rooney, Chairman and CEO, stated, "We are excited to enter into this manufacturing agreement with KFMI. They are a high quality partner and represent a solid business fit for SCI in a rapidly growing market. KFMI values SCI's established manufacturing capabilities in ceramic and rotatable targets. This agreement is a strategic step forward for SCI that can lead to expanded opportunities, accelerate our market penetration and be beneficial for our customers."
Jeremy Young, Vice President-Operations, who will become President on January 2, 2019, commented, "There are several advantages in this manufacturing agreement that enhance SCI's position in the global thin film solar market. Specific benefits include lower transportation costs for bonded products as well as a significant reduction in time involved to ship the Company's thin film solar products to customers in China. By working with a globally respected industry leader SCI expects this agreement will also be a catalyst to further its presence in China."
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