TUALATIN, ORE. -- Powin Corporation (OTC BB: PWON), an Oregon-based OEM and direct manufacturer of outdoor cookware products, gun safes, fitness and recreational equipment, truck parts, plastic products, renewable energy products and furniture for some of America's most well known retailers, today announced that it is studying expansion of its manufacturing facility that manufactures truck parts for Daimler's Freightliner trucks in Saltillo, the capital city of the Mexican state of Coahuila.
Powin owns 85 percent controlling interest in the manufacturing company in Saltillo. "This has proven to be an excellent investment and we are discussing the opportunities of expanding manufacturing here, partially because the price of manufacturing in China and Taiwan, where we contract with manufacturing facilities, is continuing to increase in cost as well as ever increasing cost of freight and the impact of the negative exchange rate on the U.S. dollar," said Joseph Lu, Founder, Chairman of the Board, CEO and President.
Saltillo, which is south of Texas and near Monterrey, Mexico, is called the "Detroit" of Mexico because of huge manufacturing plants there for General Motors, Chrysler, Daimler and Delphi. "We are very pleased by the workforce in Mexico and the cost of doing business there. Our management team always has to consider both the short- and long-term and Mexico might prove to be the best answer for the Company's future," Mr. Lu said. Powin's Chairman and CEO recently addressed the idea of increased manufacturing in Mexico at the Company's annual shareholders' meeting in June 2011.
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