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Identiv Starts Production at New Facility in Bangkok, Thailand
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Identiv, Inc. (Nasdaq: INVE) expands its IoT strategy with the opening of a new RFID production facility in Bangkok, Thailand, significantly increasing its manufacturing capacity to meet global demand for IoT solutions. The 22,600-square-foot facility is expected to triple Identiv's RFID unit production when fully operational, supporting the company's growth in the IoT market.
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New Production Facility Meets Growing Demand for IoT Solutions
FREMONT, Calif.--(BUSINESS WIRE)--
Identiv, Inc. (Nasdaq: INVE), a global digital security and identification leader in the Internet of Things (IoT), marks a milestone in its IoT strategy with the unveiling of a new radio-frequency identification (RFID) production facility in Bangkok, Thailand. With this new facility, Identiv significantly expands its manufacturing capacity and cost competitiveness to fulfill demand for its leading-edge IoT solutions.
Identiv starts production at its new facility in Bangkok, Thailand. (Photo: Business Wire)
The 22,600-square-foot Thailand facility will be capable of producing approximately 600 million single-pass RFID units per year. Combined with its current capacity in Singapore, Identiv expects to nearly triple its RFID unit production when the Thailand facility is fully operational.
“We are thrilled to officially open our RFID production facility in Thailand. As the number of IoT applications continues to multiply, expanding capacity to meet rising global demand for our IoT solutions is critical to our growth,” said Steven Humphreys, CEO, Identiv.
Dr. Manfred Mueller, COO, Identiv, added, “On an accelerated timeline, our experienced team led by B.Y. Koh produced our first one million RFID units in advance of the official grand opening. Secured by our Hirsch access control system, our Thailand facility is one of the most secure plants in the industry. We’ve made fast progress developing this new facility and look forward to reaching full scale production next year.”
Located within the Thailand free trade zone, the new facility is Identiv’s second RFID manufacturing site in Southeast Asia and provides flexibility and capacity. Identiv’s strategic advisor Manfred Rietzler, a renowned expert in RFID production processes, was instrumental in the site selection and development process. Identiv retains the flexibility to enlarge its manufacturing capacity within the same facility, ensuring a swift and efficient response to rising demand for its IoT solutions.
Identiv currently has 30 employees based in Thailand and expects to more than double headcount at the facility. Most of the employees have several years’ experience in RFID production at industry-leading RFID companies.
Identiv, Inc. is a global leader in digitally securing the physical world. Identiv’s platform encompasses RFID and NFC, cybersecurity, and the full spectrum of physical access, video, and audio security. Identiv is a publicly traded company, and its common stock is listed on the Nasdaq Stock Market LLC in the U.S. under the symbol “INVE.” For more information, visit identiv.com.
Disclaimer for Forward-Looking Information
This news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance, that may be identified by words such as “anticipate”, “believe”, “plan”, “will”, “intend”, “expect”, and similar references to the future, are not statements of historical fact and may be forward looking statements, including: expectations with respect to the Thailand facility, including production capacity, timing of operations and reaching full scale production, and increase in headcount; expectations with respect to the Company’s ability to meet customer demand; the Company’s ability to further expand its manufacturing footprint; and the Company’s belief that its Thailand facility is one of the safest and most secure plants in the industry. These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements, including but not limited to: the Company’s ability to continue the momentum in its business; its ability to successfully execute its business strategy; its ability to capitalize on trends in its business; its ability to satisfy customer demand and expectations; the level and timing of customer orders and changes/cancellations; the success of its products and strategic partnerships; industry trends and seasonality; the impact of macroeconomic conditions, inflation and increases in prices; the effects of shortages of semiconductors and other components; regulatory and other governmental approvals; and the other factors discussed in its periodic reports, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and subsequent reports filed with the U.S. Securities and Exchange Commission. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure stockholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable law.
