CPT Drives & Power (SET: CPT) secures contract partnership with Siemens

BANGKOK, Apr 26, 2019 - CPT Drives & Power PCL (SET: CPT), a provider of industrial power and control systems, has been approved a contract partner by Siemens, the leading global engineering firm, for the production of power distribution panels and as a value-added reseller of SIEMENS equipment - enabling CPT to tap demand across various industries and infrastructure projects in Thailand. CPT expects to begin commercial operations in Q4/2019.

CPT Drives & Power (SET: CPT) secures contract partnership with Siemens | TweakTown.com

Siemens will transfer engineering know-how for the production of world-class standard power distribution panels and assist CPT in enhancing its capacity to serve businesses in virtually all industries that require reliable electrical power systems and advanced power distribution panels, which accounts for more than an 80% share of the distribution panel market.

Mr Somsak Limprasert, CPT Chief Executive Officer, in announcing the partnership with Siemens, said, "The establishment of a formal relationship with a global innovator in electrical engineering like Siemens is a guarantee of the world-class quality of the products manufactured by CPT. It is a significant milestone for CPT that will be followed by new business growth and the introduction of its power distribution panels in new industries."

Following the partnership deal, CPT will immediately send staff to begin receiving overseas training which will make them fully capable of performing their roles in the production of first-rate power distribution panels. CPT will follow with developed prototypes, hoping to achieve commercial operation in the fourth quarter.

Mrs Suwannee Singluedej, Senior Vice President and Head of Siemens Smart Infrastructure, said "Siemens is aware of the importance of having a local partner who can increase capacity and efficiently employ SIEMENS technologies in upgrading Thai industrial firms' production environment. Seimens decision to ally with CPT will allow it to grow its presence in Thailand's power distribution panel market rapidly. We are ready to provide necessary support for enhancing CPT's production capacity through training and technology transfers, and hope to pursue additional projects with CPT in future."

Mr Dennis Gabriel Kristof, Sales & Business Development Director of Low Voltage Products, Siemens Smart Infrastructure Asia & Pacific, said, "Siemens is very pleased with CPT's partnership in the development and improvement of production capacity of industrial plants in Thailand. CPT possesses great strength and expertise, especially in power distribution panels, which can be drawn on to market SIEMENS products in the Thai market. With the ongoing public investment and foreign businesses relocating their manufacturing bases, Thailand is a strong market with high growth potential presenting long-term growth opportunities for both Siemens and CPT."

For more about CPT Drives & Power PCL please visit http://cptthailand.com/web/

Last updated: Sep 25, 2019 at 05:39 pm CDT

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