NextEye wins 7.9 billion KRW inspection equipment order from Chinese Shanshan Group subsidiary... "Expecting more than double additional orders"

[Asia Economy Reporter Hyunseok Yoo] NextEye announced on the 2nd that it has signed a contract worth 7.9 billion KRW (approximately 6.8 million USD) to supply an automatic inspection machine for polarizing films with Shanjin Optoelectronics (Guangzhou), a subsidiary of China's Shanshan Group.

The supplied products are automatic inspection machines for stretching and coating used in Shanjin Optoelectronics (Guangzhou)'s polarizing film production lines 3 and 4. The contract amount corresponds to 22.71% of recent sales, and the contract period is until July 31, 2022.

Shanjin Optoelectronics (Guangzhou) is a subsidiary established after China's chemical materials company Shanshan Group acquired LG Chem's LCD (liquid crystal display) polarizer business. Shanshan Group holds a 70% stake, LG Chem holds 30%, and it is known that Shanshan Group plans to gradually increase its stake to 100%.

NextEye primarily supplies appearance inspection equipment for LCDs based on precision machine vision technology. It supplies industrial machine vision inspection equipment to over 100 domestic and international companies including LG Chem, China's BOE, and Japan's Nitto Denko, expanding its overseas client base.

A NextEye official stated, “We were able to secure the automatic inspection machine order from China's Shanshan Group by gaining recognition for our equipment supply reference to LG Chem and NextEye's highly accurate machine vision inspection equipment technology. The contract terms are 30% down payment, 50% interim payment within 60 days after shipment, and the balance upon inspection completion. We plan to deliver the automatic inspection machine for line 3 in March next year and additionally ship the machine for line 4 in April.”

He added, “Shanshan Group plans to expand factories in Nanjing, Guangzhou, Mianyang, and Zhangjiajie to target the Chinese polarizer market, so at least double the additional orders are expected in the future. As the growth rate of the Chinese LCD market is increasing, we are focusing on strengthening global sales based on our existing sales network.”