Pantech focuses on new markets pending US appeal
Stephanie Jacob | 31 Aug 2018 00:30
After being surprisingly caught up in the crossfire of the US-China trade war, Pantech Group Holdings Bhd is taking the turn of events as an opportunity to identify new markets to develop even as it tries to sort out the issue with the US Department of Commerce (DOC).
Johor-based Pantech manufactures and supplies a wide range of pipes, valves and fittings to a range of sectors, including oil and gas, marine and shipbuilding and palm oil.
The preliminary decision by DOC to impose anti-dumping duties on Pantech’s carbon steel butt-weld fittings has led to the company’s subsequent decision to halt exports Stateside pending an appeal.
This is expected to result in a 20% hit on its revenue for the remaining nine months of its financial year ending Feb 28, 2019, says the company.
In the interim, Pantech’s executive director Adrian Tan says, the company plans to increase its focus on previously less prioritised markets to try and mitigate the fall in income.
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