| Phillips Plastics Corp. Press Release |  |
Phillips Plastics Corporation Announces A Joint Venture with Eastek International
Hudson, Wisconsin, May 7, 2007 — Phillips Plastics and Eastek International announce the launch of a joint venture, WahTsun Far East Ltd, a tool manufacturing company in China. Phillips Plastics will hold 25% ownership in the new company. The joint venture will provide Phillips access to high quality, low cost tooling as well as a partner in China that specializes in low cost assembly. According to Brad Wucherpfennig, Phillips' President and COO, "The joint venture with Eastek expands our global footprint to better serve our domestic customers. Phillips' exports currently exceed $59 million annually, including shipments to Mexico, Europe, and China, however the joint venture with Eastek will expand our reach by providing lower cost alternatives to our customers without compromising the quality and service they have come to expect. We completed an extensive search to find a Far East partner that shares Phillips commitment to technology, quality, and service and we have found that in Eastek," Wucherpfennig explains.
Joe Rocco, President of Eastek continues, "This is the next step in a productive collaboration that has been ongoing for three years. As Phillips and Eastek share both their experience and their innovations, we will continue to provide the kind of industry-leading services our customers know they can count on from our organizations."
The Eastek campus in China provides 465,000 square feet of continuous and secure manufacturing and assembly space. The facilities are ISO 9001:2000 and TS 16949 Certified and employ 1200 people of which one third have technical backgrounds. Serving the consumer, industrial, telecommunication, medical, and transportation markets, Eastek capabilities in China include tool fabrication, plastic injection molding, and complete turnkey assembly.
About Phillips Plastics
Phillips Plastics Corporation is a forty-two year-old custom injection molder of plastic and metal with annual sales of over $250 million. The Company employs 1,600 people in 15 locations throughout the United States, occupying over 620,000 square feet, including design centers in Wisconsin and California, and provides complete services from concept design, rapid prototyping, and tooling through production, assembly, packaging and distribution to virtually every market.
www.phillipsplastics.com
About Eastek International
Eastek offers an industry-leading contract manufacturing solution - the Eastek Edge. Tailored to the client's needs, the Eastek Edge offers design, sourcing, production and logistics services, together with the benefits of low-cost-country presence and unmatched intellectual property protection. Clients can also depend on same language/same time zone support. The Eastek Edge resides entirely within Eastek, ensuring superior product quality and continuous and precise control over all processes. In addition to its headquarters in Buffalo Grove, Illinois, Eastek has a Hong Kong office and four wholly owned manufacturing facilities in southern China. The company has more than 1,200 employees in the United States, Europe, Hong Kong and China.
www.eastek-intl.com
For more information, contact:
Leslie Lagerstrom
Director of Marketing
N4660 1165th Street
Prescott, WI 54021
Phone – 715.262.8000
Fax – 715.262.8190
www.phillipsplastics.com
