HIHO - Highway Holdings Signs Cooperation Agreement With Sumar USA 01/13 05:00 AM
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HONG KONG, Jan. 13, 2014 (GLOBE NEWSWIRE) -- Highway Holdings Limited (HIHO:$3.0999,$0.0799,2.65%) today announced it has entered into a cooperation agreement with California-based Sumar International, Inc., whereby Highway Holdings (HIHO:$3.0999,$0.0799,2.65%) will develop two products under a pilot program intended to ultimately establish the company as the OEM provider for a majority of Sumar's mount- and stand-related product lines for television electronics and accessory applications.
"We are gratified by the confidence of Sumar in Highway Holdings' (HIHO:$3.0999,$0.0799,2.65%) quality and capabilities and look forward to further opportunities to expand a valued-relationship that has evolved over several years," said Roland Kohl, president and chief executive officer of Highway Holdings (HIHO:$3.0999,$0.0799,2.65%) .
He noted the two products under the pilot program are in the design and development stage, and tooling for full-production is expected to be completed this month.
Kohl added that he anticipates Highway Holdings (HIHO:$3.0999,$0.0799,2.65%) will utilize a variety of the company's capabilities for Sumar's OEM requirements, including metal component manufacturing services, plastic component molding and assembly.
About Sumar International
"Sometimes you eat the bar, and sometimes, well, he eats you."
