Premo Wuxi has been awarded by the Wuxi New Distric, the most important Wuxi technological park government, for facing the crisis situation with good economic results. The act, celebrated at the Wuxi Xiang Mei hotel, was attended by representatives of Wuxi government, the most important foreign companies’ trade unions, and local media; the prize Tackling crisis and Harmonious Cooperation was given to 10 companies, Bosch and Alps among others.
The key reason of Premo Wuxi appreciation, as well as its economic results was the good relationship between the company and the employees; Premo Wuxi has a strong trade union which cooperates with the company in delicate issues like workforce reduction, which has been executed according with labour rules and making its staff aware of the situation. As a result, the labour environment wasn’t affected, which is very important in the Chinese business model.
In spite of the economic situation, Premo Wuxi has had an annual grown rate of 15% last year; 2009 forecast are, besides to maintain current China figures, to sell 2 millions and a half in Taiwan. Even with the global recession in this sector, Premo is growing year by year.
Many companies in China are facing problems like strikes or general disappointment due to the global crisis, generating a lot of manufacturing closures; the companies are making efforts to control these problems to avoid a drop of sales and bad image.
Premo Group, with experience of more than 45 years, is the main Spanish inductive components manufacturer, one of three main Spanish electronic components exporters and it is a world leader in low frequency RFID antennas. The company is present in the main markets of NAFTA, Europe and Asian and Pacific, being China, Japan and Korea the first, exporting the 70 pc of their turnover. The company employs more than 500 workers worldwide; among them there are more than 50 R&D engineers