Dynex Semiconductor Ltd wins prestigious Queen’s Award for Enterprise
Lincoln, England, April 21st, 2010 - Dynex Power Inc., a leading, high power semiconductor company, is pleased to announce that its wholly owned subsidiary, Dynex Semiconductor Ltd's outstanding contribution to international trade has been recognised in the announcement today by Her Majesty The Queen that Dynex has received the Queen's Award for Enterprise in the International Trade Category.
The Queen's Awards for Enterprise are the UK's most prestigious awards for business performance and are announced on the Queen's official birthday every year. The International Trade Award recognises substantial growth in overseas earnings and commercial success, sustained over a 3 year period. In being awarded this accolade, Dynex has demonstrated outstanding achievement in growing its overseas sales by nearly 90% over the three years to December 2008, that it has a wide spread of markets and sales worldwide, and an impressive performance in creating new jobs in the East Midlands region.
Dynex recently announced that it is investing £12 million to enhance and expand its fabrication capacity for silicon chips and indicated that this project remains on time and on budget. The Company expects the project to be completed by the end of calendar 2010. The largest portion of the project output is expected to be sold to Dynex's majority shareholder, Zhuzhou CSR Times Electric Co., Ltd., to take advantage of the dynamic growth in China's rail infrastructure and field testing of the first product is proceeding well.
Dr Paul Taylor, President and Chief Executive Officer commented that "It is a great honour to receive this award and recognition of the hard work and commitment of Dynex employees and suppliers, and the support of our customers. The fact that our robust overseas growth was based on a broad range of market sectors including industrial, marine and railway, and that the business was won against competition from large multinational businesses, is testimony to the strength of the Dynex business.
Bob Lockwood, Chief Financial Officer stated that "In recent years, Dynex has grown in stature as a business and employer in the East Midlands region and I am delighted to see our strengths recognised at a UK national level. Despite a difficult economic environment, Dynex has continued to grow both its overseas and its UK revenue. Looking ahead, we are expanding our power semiconductor production facilities in order to service an increased demand from China and, with the excellent support from our major shareholder, Zhzuhou CSR Times Electric Co. Ltd., we remain optimistic about sustaining our success in overseas markets."