SINGAPORE (Sept. 24, 1 p.m. ET) — Privately owned Meiban Group Ltd. is planning new investment in research and development, in-house proprietary manufacturing technology and patents as well as new product color styling and texturing capacity.

“Our strategic plans to increase Meiban’s markets include working with customer up front from [the] design stage, introducing our patented manufacturing technology and product color styling technology to new unexplored markets,” said Goh Tiong Yong, the founder, chairman and CEO of the Meiban Group of Cos.

“We believe our focus on strong cash management and prudent investment strategies will see us through the current economic situation,” he told Plastics News.

Meiban Group became a private company and was delisted from the Singapore Exchange on Sept. 10. Goh and his family members own the business, which has manufacturing facilities in Singapore, Malaysia and China. It was established as Meiban Plastics Ltd. in 1986.

“We believe we are well-positioned to work with potential new customers who are looking for strong manufacturing partners in Asia,” said Goh, who also acknowledged the current challenges of operating in China.

“Whilst operating in China will continue to be challenging given the rising wages and production costs situation, we are confident that our management team will be able to build a business model that will enable us to remain competitive.

“Besides, we have been in business for 25 years and have built a strong and experienced management team which has helped the group overcome many different challenges over the years.”