Toolmaker Hitop Mold planning to double capacity

By Nina Ying Sun
Assistant Managing Editor

Published: April 5, 2012 6:00 am ET

Related to this story

Topics Automotive, Molds/Tooling, NPE 2012

ORLANDO, FLA. (April 5, 6 p.m. ET) — Automotive mold maker Hitop Mold Industrial Co. Ltd. plans to double its capacity of its factory in Dongguan, Guangdong province. Managing Director Toni Yuan said the company is ready to grow its U.S. business with some “lessons learned.”

The company, which recorded more than 80 million yuan (about US$13 million) in 2011 sales, is also planning on an initial public offering in China.

The expansion will start in August and add machinery to make large molds. It will help boost the company’s 2012 sales by 50 percent.

Hitop’s molds are used by its European clients to make parts for premium brands such as Bentley, Jaguar and Land Rover as well as other brands such as Ford, Toyota and Volvo.

It success in Europe hasn’t been able to replicate itself in the U.S. market, which only makes up less than 10 percent of its sales. Yuan reflected on its experience working with a U.S. customer that dropped Hitop about two years ago for some “miscommunication,” and concluded that “we need to try to communicate better with American customers, especially the details, preferably in person.”

In fact, Yuan is going to visit this customer after the NPE show. “Both parties have decided that we should resume our relationship.”

The recovery and growth of automotive business in the U.S. is encouraging in Yuan’s eyes. “We are looking for auto molders in the U.S. that are ready to take advantage of the opportunity and improve their cost structure.”

He plans to station a technical sales staff in North America.

Despite China’s booming auto market, domestic sales take up less than 30 percent of Hitop’s sales. “It’s a different business model,” he noted.

By different, he meant complicated. “For export business, all that matters is our competence – the capability to offer quality product, good service and communication. But for domestic business, it’s not the same.”


Comments

Toolmaker Hitop Mold planning to double capacity

By Nina Ying Sun
Assistant Managing Editor

Published: April 5, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Cascade Engineering founder Keller to step down as CEO

September 16, 2014 8:33 pm ET

Cascade Engineering Inc. is undergoing a transition as President Mark Miller will also add the role of CEO, replacing founder Fred Keller, who has...    More

Image

Canadian, Mexican injection molders form auto supply joint venture

September 16, 2014 2:26 pm ET

A new automotive parts manufacturer will open in Querétaro, Mexico, through a joint venture between Canadian automotive supplier Papp Plastics and...    More

Image

Increased capacity in the US helps Zeon Chemical supply seals globally

September 16, 2014 9:46 am ET

The automotive industry continues to be one of the driving forces of Zeon Chemicals LP., which specializes in heat-resistant and oil-resistant...    More

Image

ZF finalizes deal to buy TRW, creating another global auto supply giant

September 15, 2014 1:09 pm ET

TRW Automotive Holdings, in a supply chain megadeal that has been in the works since mid-July, said Sept. 15 it has agreed to be acquired by German...    More

Image

Delphi CEO O'Neal stepping down

September 15, 2014 12:05 pm ET

Delphi Automotive plc announced that Rodney O'Neal will retire as CEO and president on March 1, 2015, ending his 43-year career at the global automoti...    More

Market Reports

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook – North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events