Nissin Foods Receives Funding Approval from Re-Industrialisation Funding Scheme
Becomes First Food Manufacturer to Obtain HK$15M Maximum Funding Support To Implement Smart Production Line in Hong Kong
HONG KONG, Nov 09, 2021 - (ACN Newswire) - Nissin Foods Company Limited ("Nissin Foods", and together with its subsidiaries, the "Group"; Stock code: 1475) is pleased to announce that it has received approval for the maximum funding support of HK$15 million (the "Funding Support") under the Re-Industrialisation Funding Scheme ("RFS") of the Innovation and Technology Commission ("ITC") today (9 November 2021), to be used for the installation of a new smart production line in Hong Kong.
| The signing ceremony was attended by (from left to right): Mr. Indiana WONG, Assistant Commissioner for Innovation and Technology (Funding Schemes); Ms. Rebecca PUN, The Commissioner for Innovation and Technology; Mr. Kiyotaka ANDO, Executive Director, Chairman and CEO of Nissin Foods Company Limited; and Mr. Yasuhiro YAMADA, Executive Director of Nissin Foods Company Limited. |
| Funded by the Re-Industrialisation Funding Scheme, Nissin Foods will set up a smart production line with robotics, sensors and smart systems with real-time monitoring on the production of instant noodles in the Nissin Plant, Tai Po Industrial Estate (visual provided by Nissin Foods Company Limited). |
The Funding Support will be used to implement a new smart and automated production line in one of Nissin Foods' production plants located at the Tai Po Industrial Estate. The new line will employ robotics, sensors and smart systems for the production of instant noodle products, enabling real-time monitoring of the production process. Scheduled for completion by July 2023, the new smart production line is set to improve production and space efficiency, as well as production flexibility, which is in line with Nissin Foods' business development strategy to maintain its leadership position in Hong Kong.
The HKSAR Government (the "Government") has been promoting re-industrialisation in order to enhance economic growth and to develop a strong high-end manufacturing industry in Hong Kong. Launched in July 2020 under the ITC, the RFS aims to encourage smart manufacturing by providing subsidies to companies that set up smart production lines in Hong Kong. Nissin Foods is proud to be the first food manufacturer and the second company to receive the maximum funding support from the RFS, demonstrating its commitment to develop a strategic business in Hong Kong and to upskill industry talents to become subject matter experts through the use of smart technologies.
Ms. Rebecca PUN, the Commissioner for Innovation and Technology, said at the signing ceremony of the funding agreement, "We are glad that the well-known food group, Nissin Foods Company Limited, will set up a new smart production line for instant noodles in Hong Kong through adoption of smart technologies. Since the launch of the RFS, about half of the applications were from food manufacturing and processing industry, testifying the huge potential the industry enjoys in moving towards re-industrialisation in Hong Kong. We will continue to support smart production and re-industrialisation of local food manufacturing and processing industry, strengthening the 'Made in Hong Kong' brand".
Mr. Kiyotaka ANDO, Executive Director, Chairman and Chief Executive Officer of Nissin Foods, said, "Nissin Foods is proud to be the first food manufacturer and the second company to gain approval for the maximum funding under the Re-Industrialisation Funding Scheme. Our dedication to the development of smart production in Hong Kong echoes the Government's call for technology advancement in local manufacturing. As a leading food manufacturer, we are committed to providing consumers with quality products by continuously improving our production and efficiency. We believe the integration of advanced technologies will strengthen our overall competitiveness and create sustainable value for our stakeholders."
About Nissin Foods Company Limited Nissin Foods Company Limited (The "Group"; Stock code: 1475) is a renowned food company in Hong Kong and Mainland China with a diversified portfolio of well-known and highly popular brands and the largest instant noodle company in Hong Kong. The Group officially established its presence in Hong Kong in 1984. The Group primarily manufactures and sells instant noodles, frozen foods and other food products under its two core corporate brands, namely "NISSIN" and "DOLL" together with a diversified portfolio of iconic household premium food brands. The Group's five flagship product brands, namely "Cup Noodles", "Demae Iccho", "Doll Instant Noodle", "Doll Dim Sum" and "Fuku" are also among the most popular choices in their respective food product categories in Hong Kong. In Mainland China market, the Group has introduced technology innovation through the "ECO Cup" concept into the market and primarily focuses its sales efforts in first-and second-tier cities in Mainland China.
Nissin Foods is a constituent of eight Hang Seng Indexes, namely: Hang Seng Composite Index, Hang Seng Consumer Goods & Services Index, Hang Seng Stock Connect Hong Kong Index, Hang Seng Stock Connect Hong Kong MidCap & SmallCap Index, Hang Seng Stock Connect Hong Kong SmallCap Index, Hang Seng SCHK Mainland China Companies Index, Hang Seng SCHK ex-AH Companies Index, and Hang Seng Small Cap (Investable) Index. For more information, please visit www.nissingroup.com.hk.
Source: Nissin Foods Co Ltd Sectors: Food & Beverage
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
Latest Release
CleverTap Recognized as a 'Strong Performer' in the Cross-Channel Marketing Hubs, Q4 2024 Report Nov 22, 2024 22:42 JST
| Kaplan Fox & Kilsheimer LLP Alerts Investors to a Securities Class Action Against Humacyte, Inc. (HUMA) - Deadline is January 17, 2025 Nov 22, 2024 11:00 JST
| NaaS Q3 2024 Recap: Strategic Shifts and Tech Innovations for Growth Nov 21, 2024 22:59 JST
| Honda Unveils Demonstration Production Line for All-Solid-State Batteries Located in Sakura City, Tochigi Prefecture, Japan Nov 21, 2024 15:35 JST
| Deadline to Lead in Securities Fraud Lawsuit Against Humacyte, Inc. (HUMA) is January 17, 2025 - Contact Kaplan Fox & Kilsheimer LLP Nov 21, 2024 09:00 JST
| ALL Study Groups Using DehydraTECH Processing Outperform Rybelsus(R) in Body Weight Control in Lexaria's 12-Week GLP-1, Diabetes Animal Study Nov 20, 2024 23:05 JST
| Start of Demonstration Test of Two-Phase Direct-to-Chip Cooling in the Air-Cooled Data Center Nov 20, 2024 15:30 JST
| Rozebalamin for Injection 25mg (Mecobalamin) for Amyotrophic Lateral Sclerosis Launched in Japan Nov 20, 2024 11:51 JST
| Anticancer Agent "TASFYGO Tablets 35mg" (Tasurgratinib Succinate) Launches in Japan for Biliary Tract Cancer with FGFR2 Gene Fusion or Rearrangements Nov 20, 2024 10:24 JST
| Kingsoft Announces 2024 Third Quarter Results Nov 19, 2024 18:54 JST
| NTT and Olympus Joint Demonstration Shows IOWN APN's Low-latency Capability Can Be Used for Real-time Diagnosis and Treatment on a Remote Server to Realize World's First Cloud Endoscopy System Nov 19, 2024 15:30 JST
| Supercomputer Fugaku retains first place worldwide in HPCG and Graph500 rankings Nov 19, 2024 09:02 JST
| CleverTap Recognized as a Strong Performer in Cross-Channel Marketing Hubs, Q4 2024 Report Nov 18, 2024 23:30 JST
| World's First Successful Trial of Quantum Tokens Created Using Quantum Technology Nov 18, 2024 17:29 JST
| Fujitsu and SAP Fioneer enter partnership to accelerate digital transformation in the insurance industry and deliver services that contribute to customers' sustainable business Nov 18, 2024 12:31 JST
| Expanding Possibilities with the Liquid Hydrogen-Powered GR Corolla in the Season Final Round Nov 18, 2024 09:25 JST
| COP29: Indonesian Special Envoy Hashim Djojohadikusumo Announces EUR 1,2 Billion Green Funding Nov 16, 2024 18:00 JST
| Mitsubishi Shipbuilding Holds Christening and Launch Ceremony of LNG-Powered Roll-on/Roll-off Ship TRANS HARMONY EMERALD in Shimonoseki Nov 15, 2024 18:58 JST
| Nationwide TV Commercial Launched in Japan to Raise Awareness About MCI (Mild Cognitive Impairment) Nov 15, 2024 17:33 JST
| Eisai Receives Positive Opinion from the CHMP in the European Union for Lecanemab in Early Alzheimer's Disease Nov 15, 2024 14:31 JST
|
More Latest Release >>
|