Laguna-based electronics manufacturer Cirtek Holdings Philippines Corp. is making further inroads into the European market with its latest supplier contract with an industrial unit of Mondragon Corp., the largest business group in Spain’s Basque region.
Cirtek, which is planning an initial public offering worth P660 million, has entered into a contract with Fagor Electronica, a unit of Mondragon Components, which is in turn a division of Mondragon’s industrial group. It was engaged to manufacture Fagor’s semiconductor device Thyristor for a minimum volume shipment of 100 million pieces a year, beginning the fourth quarter of 2011, Cirtek senior director for sales and marketing Antonio Callueng said in a statement.
This semiconductor device Thrystor goes into high-voltage motor devices intended for consumer and home applications such as system for reception processing and distribution of digital and analog TV, system for security, communications and automation of the home, global system for remote control and management as well as Internet and Intranet management of fleet systems, all of which are widely used in the European market.
“As we continue to expand aggressively our business, Cirtek will continue to generate employment to the local community,” Callueng said.
In 2010, Europe accounted for 47 percent of Cirtek’s market while the United States and Asia accounted for 34 percent and 19 percent, respectively.
But this year, Cirtek chief finance officer Anthony Buyawe said business in Asia was growing at a much faster pace, particularly in China, Taiwan, Korea and Japan.