{"id":14862,"date":"2019-04-25T20:00:28","date_gmt":"2019-04-26T03:00:28","guid":{"rendered":"https:\/\/phoseon.com\/?post_type=press_releases&#038;p=14862"},"modified":"2021-03-22T09:01:22","modified_gmt":"2021-03-22T16:01:22","slug":"phoseon-forms-wfoe-china","status":"publish","type":"press_releases","link":"https:\/\/phoseon.com\/press-releases\/phoseon-forms-wfoe-china\/","title":{"rendered":"New Wholly Foreign Owned Enterprise formed in China"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\" style=\"color:#6950a1\"><strong><em>New Entity to Sell and Service Products Directly to Chinese Customers<\/em><\/strong><\/h3>\n\n\n\n<p>Hillsboro, Oregon (April 25, 2019) \u2013 Phoseon Technology, the leader for Innovative LED Solutions\u2122, today announced the formation of a Wholly Foreign Owned Enterprise (WFOE) in China to better serve the Chinese and greater Asia-Pacific markets.<\/p>\n\n\n\n<p>The new limited liability company reinforces Phoseon\u2019s commitment to the region and allows it to make investments and facilitate local sales and service transactions. The WFOE also enables Phoseon to source and potentially build local products for the domestic market.<\/p>\n\n\n\n<p>\u201cThis enterprise will allow us to react quickly and make direct transactions with our customers, and facilitate our customer service process, in the China market,\u201d said Bill Cortelyou, president and CEO of Phoseon. \u201cThis commitment by Phoseon strengthening local support in China including invoicing locally and maintaining stock in local warehouses allows Phoseon to meet the high level of support our customers demand.\u201d<\/p>\n\n\n\n<p>Another benefit of the WFOE is the autonomy and control it provides, allowing Phoseon to quickly and flexibly implement its company-wide global strategy. Other advantages include more efficient operations and product development, direct transaction with local currency (RMB) and adapt optimal practices with the local Phoseon team.<\/p>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>\u201cThis commitment by Phoseon strengthening local support in China including invoicing locally and maintaining stock in local warehouses allows Phoseon to meet the high level of support our customers demand.\u201d<\/p><cite>Bill Cortelyou, President and CEO, Phoseon<\/cite><\/blockquote><\/figure>\n\n\n\n<p>The WFOE is considered the optimal structure for companies that plan to have long-term business interests in China, while at the same time maintain maximum control and flexibility in the decision-making process and enabling joint ventures or local acquisitions, Cortelyou said.<\/p>\n\n\n\n<p>\u201cInvesting in this market is proof of our commitment to a long-term presence,\u201d he said. \u201cIt will give us greater control over our business venture in mainland China.\u201d<\/p>\n\n\n\n<p><strong>About Phoseon Technology<\/strong><br>Since 2002, Phoseon Technology pioneered the use of LED technology for <a href=\"https:\/\/phoseon.com\/life-sciences\/\">Life Sciences<\/a> and <a href=\"https:\/\/phoseon.com\/industrial-curing\/\">Industrial Curing<\/a>. Through our relentless innovation, we deliver high performance, reliable and patented LED based solutions. Our strong focus on customer collaboration has resulted in world-wide market leadership position and presence. Phoseon is an ISO9001 certified company manufacturing award winning products that are covered by more than 300 patents worldwide. We uniquely focus 100% on LED technology therefore ensuring superior reliability, business economics, and environmental benefits.<\/p>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/phoseon.com\/wp-content\/uploads\/2019\/02\/2018-07-20_Phoseon-China-WOFE_Press-Release_FINAL.pdf\">Download PDF of press release<\/a><\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Entity to Sell and Service Products Directly to Chinese Customers Hillsboro, Oregon (April 25, 2019) \u2013 Phoseon Technology, the [&hellip;]<\/p>\n","protected":false},"featured_media":13401,"comment_status":"closed","ping_status":"closed","template":"","pr_tags":[238],"posts_year":[89],"featured":[],"posts_category":[50,39],"pr_division":[97],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Wholly Foreign Owned Enterprise formed in China<\/title>\n<meta name=\"description\" content=\"Phoseon Forms Wholly Foreign Owned Enterprise in China; 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