5th Jul 2016 07:41
LONDON (Alliance News) - Challenger Acquisitions Ltd on Tuesday said its Dutch subsidiary Starneth Group has opened a new manufacturing facility in Enschede in the Netherlands.
The purpose of the facility will be to design, manufacture and test the critically important control systems used to direct and manage the operating systems for giant observation wheels.
Having previously outsourced this aspect of construction, Starneth will now have direct management of the control process, creating a new revenue stream with the potential to build control systems for projects outside the GOW market.
The team is currently working on a high-tech drive and control system for the USD500 million New York Wheel project.
"The establishment of this new manufacturing facility further diversifies our team's extensive service offering and will enable the design, manufacture and testing of drive and control systems to be undertaken in-house, which will not only maximise efficiencies but also create a new revenue stream," Chief Executive Mark Gustafson said in a statement.
"Crucially, there is an opportunity to offer our drive and control system capabilities to a multitude of projects, not just GOWs, and we look forward to building this aspect of our business, with work currently underway for the control system of the NY Wheel," he added.
Shares in Challenger were untraded on Tuesday morning, last quoted at 22.10 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
CHAL.L