SOURCE: GEMCOR

GEMCOR

September 22, 2011 16:00 ET

GEMCOR Opens Office in China

BUFFALO, NY--(Marketwire - Sep 22, 2011) -

  • Company is a joint venture between Gemcor and AVIC Beijing Aeronautical Manufacturing Technology Research Institute (BAMTRI).

  • Company will support Gemcor's customers through technical service personnel and large inventory of spare parts.

  • Enhances market dominant position in China through sales and service to Chinese customers.

On August 23, 2011 Gemcor opened a joint venture (JV) office located in Beijing, China. The 50-50 joint venture was formed with the AVIC Beijing Aeronautical Manufacturing Technology Research Institute (BAMTRI).

The joint venture carries the name AVIC - GEMCOR (Beijing) Automatic Riveting Technical Service Co., Ltd. and will provide local after sales technical service for Gemcor's customer base in China. The JV will also carry a large inventory of spare parts for use during warranty periods and ongoing routine maintenance.

The formal JV opening ceremony was attended by Gemcor's President & CEO Mr. William Mangus; also in attendance was Gemcor's Executive Vice President & COO Mr. Tony Goddard as well as one of Gemcor's Board members and investor Mr. Allen (Pete) Grum of Rand Capital Corporation (NASDAQ: RAND).

Mangus commented: "This is another great milestone in Gemcor's long history of supplying our equipment to China. As our installation base continues to grow in China, it is important we have the infrastructure in place to support these important customers."

Gemcor has been supplying its automatic fastening systems used in the manufacture of aircraft to China for more than 20 years, and has seen significant growth in the China market in recent years. China's growth is attributed to their increased manufacture of major airframe assemblies for such companies as Boeing, Airbus, Embraer and Bombardier. This rapid growth is also being spurred on by the introduction of China's own domestic aircraft production including the new C919 single aisle passenger aircraft.

Grum commented: "Gemcor's continued growth is a result of their significant time and investment in the China market for many years. The opening of a JV in China was part of their strategic initiatives and recognition at the importance of Chinese customers."

Goddard stated: "Over the past four years, China has accounted for on average 40% of our business volume, with typically 60% to 70% of our total annual sales going to International customers."

Gemcor's fastening systems are engineered and manufactured at its West Seneca, NY headquarters, a suburb of Buffalo. Their systems are used to fasten or rivet the skin to aircraft. On top of its strong domestic customer base, it also ships its systems to such countries as Japan, Brazil, Russia and various countries throughout Europe amongst others.

Gemcor is a privately held company supported by local investors Rand Capital Corporation (NASDAQ: RAND) and the ECIDA - Erie Country Industrial Develop Agency of Buffalo, NY as well as The Cygnus Management Group, Syracuse, NY.

Contact Information

  • Contact:
    Tony Goddard
    716-674-9300 ext. 220