YTMI president Feliciano Torres said yesterday that the firm has already spent P300 million to construct a satellite plant which will increase YTMI’s existing capacity by 29 percent.
The bulk of YTMI’s output is cornered by Japanese car manufacturers while the rest go to European and American car manufacturers.
"The new satellite production facility would hire an additional 1,500 workers in addition to YTMI’s current workforce of 6,700," Torres said.
YTMI’s exports last year amounted to $180 million, while this year the company is exporting an average $11.5 million a month.
"With the new satellite production plant, YTMI is projecting its annual exports to increase to $230 million," Torres said.
YTMI vice-chairman Toshiro Suzuki expressed optimism on increased demand for wiring harness. He said the global motor vehicle production is expected to hit 55 million units a year.
YTMI’s manufacturing plant is located on a 20-hectare property in Calamba, Laguna.
Its new satellite production plant is located at the Lima Industrial Park in Batangas.
YTMI has already secured approval from the Philippine Export Zone Authority for its expansion project, allowing it some fiscal incentives such as duty-free importation of capital equipment.