LightPath Technologies, based in Florida in the USA has announced the opening of a new wholly-owned subsidiary, LightPath Optical Instrumentation (Zhenjiang) (LOIZ) to become the company’s second operating entity in China. The expansion will triple LightPath’s combined global lens production capacity.
The company’s CEO, Jim Gaynor, commented: ‘A primary catalyst driving this increased demand is the Company’s technology and manufacturing processes which have lowered the cost of lenses we provide to our customers. As a result, there has been a paradigm shift in demand creation among end users in markets such as laser tools, telecommunications, digital projectors, industrial equipment and medical instruments.’
Gaynor continued: ‘LOIZ’s new location provides us access to excellent infrastructure, high speed rail service, a well-educated technical work force, and proximity to the highly acclaimed Optical College at the University of Zhenjiang.
‘The low rental rates and wages in Zhenjiang will give us a solid platform to continue growing our high-volume business for precision molded optics. Work is underway to build out the factory and production is planned to start during the first half of 2014. We estimate our manufacturing costs could be up to 40 per cent lower at this new facility once we are at full production levels,’ Gaynor concluded.