Toronto, Ontario, Canada: Tekmart International, Inc. announced the recent purchase of the PCB assembly assets of ZTE’s only manufacturing facility in India located in Manesar, a township of India’s Haryana state. According to Nigel Thomas, Director of Business Development for Tekmart, ZTE, a Chinese multinational telecommunications equipment company headquartered in Shenzhen, China, is divesting all of the location’s automated circuit board assembly capability that was previously planned for the mass production of mobile handsets.
ZTE is one of the top 5 manufacturers of mobile handsets in China, and top 10 globally. “The decision to liquidate high-volume circuit board assembly capability from this facility comes one year after ZTE India announced they were eyeing this Manesar location as a production centre for the 4.2 million phones the Chinese company plans to sell in India, annually. ZTE changed its course and decided to focus on the expansion of their advanced repair services of telecom products.”, according to Tekmart’s Asia Regional Manager, Kai Chang.
“The production assets we acquired from the ZTE facility are very capable equipment, very similar to what you would find on the production floor of Nokia, Samsung and Microsoft.”, Chang continued. In India, ZTE’s mobile phone sales is in fourth place, trailing behind South Korea’s Samsung, and two of India’s home-grown brands - Micromax and Karbonn.
The asset management division of Tekmart International has recently engaged in expanding its footprint in trading and surplus asset management. The division, which made the acquisition with ZTE, will rationalize the well-maintained assets of the Chinese manufacturer’s facility, located one hour outside of New Delhi, to its global client base. This acquisition comes at the wake of Tekmart’s acquisition of the production assets from a Foxconn injection molding plant in Hungary two months ago, and less than a year after the acquisition of Nokia’s mobile phone production lines the Finnish company had in Changwon, South Korea.
Tekmart is a diversified industry leader utilizing a two-pronged approach to its business strategy: capital asset trading – buying and selling high-technology capital assets from the manufacturing floors of some of the most recognizable global OEM’s in the industry; and contract manufacturing through its subsidiary Tekmart Integrated Manufacturing Services (TIMS), which operates manufacturing facilities in Brazil and Mexico.