Bangkok--12 Mar--EWC
Confident the challenging changes will enhance the professionalism of its managementReady for the economic crisis by managing operating costs, expanding its market into the public sector and maintaining liquidityPrepared to invest an additional 500 million baht in projects the Company is specialized in Eastern Wire Public Company Limited or EWC revamped its management in late 2008. The new management has devised a management framework under the concept of “challenging changes” to cope with the current economy with the aim of making its 3 subsidiaries enjoy continued stability. The Company has prepared new investment to turn the crisis into good opportunity.
At the moment, EWC has 3 subsidiaries comprising Rayong Wire Industries Co., Ltd., UA WHITHYA Public Co., Ltd. and ENESOL Company Limited.
Rayong Wire Industries Co., Ltd. manufactures a range of high tension steel wires and welding wire in Map Ta Phut Industrial Estate boasting a production capacity of 36,000 tonnes per year. EWC holds a 99.99% share of the registered capital of 100 million baht.
Ua Withya Public Co., Ltd. manufactures galvanized steel structures for high voltage electricity transmission line towers, telecommunication towers, electricity substations as well as provides galvanizing services and high quality power transmission engines. It has a factory located in Minburi District. The company has a registered capital of approximately 450 million baht, 90.98% of which is held by EWC.
Enesol Company Limited is engaged in electrical power management. Presently, the company manages a binary cycle power plant that supplies electrical power to meet a range of requirements from buildings to industrial factories. Its first project is the investment in producing and providing electrical power and heat energy to the Siam Ceramic Group Industries Co., Ltd. in Saraburi Province. Enesol has a registered capital of 242 million baht and EWC holds a 80.08% share.
Mr.Torsak Chotimongkol, EWC Chairman of Executive Committee, says under the concept of “challenging changes,” the professionalism of its management teams will be further enhanced under the control of 4 committees consisting of the Board of Directors, the Executive Committee, the Audit Committee and the Remuneration Committee so that the organization can grow and deal with the global economic crisis. The Company will be headed by Mr.Wutichai Leenabanchong, Chief Executive Officer. The Company’s Board of Directors has established the following 5 governing principles as a strict framework:
Making the team prepared Making the team have conviction and confidenceRefining policies before translating them into actionForming an alliance Leading the organization in conformity with good corporate governance
“Since we came in to manage, we have worked very hard, reviewed our weaknesses and strengths amid the rapidly deteriorating economic conditions. Finally, we have come up with what we have called “challenging changes,” says Mr. Torsak.
Mr.Wutichai Leenabanchong, EWC Chief Executive Officer, reveals the Company’s action programs. The Company has set its goal for 2009 and will focus on strengthening the existing businesses, increasing the efficiency of production, raw material and inventory management to reduce operating costs.
Regarding sale and marketing, although the economy is in a recession, the Company has reorganized its teams and revised its strategies to prepare for construction work from the public sector to maintain revenue during the current economic situation and the Company’s liquidity.
Concerning its new investment, EWC will concentrate on investment to improve its present businesses or requiring engineering prowess, its core competency. The Company has set aside some 500 million baht for investment. However, the investment will depend on how favorable the economic conditions will be.
Significantly, the Company will attach great importance to risk management and transparency to be in line with good corporate governance so as to induce confidence in its customers, suppliers as well as its shareholders.