NVC Lighting (02222) announced that it will resume trading today (15th). At the same time, it issued a profit warning. It is estimated that the company’s unaudited profit for the half year ended June this year will be significantly lower than the same period last year. The main factors of decline are product cost increase, consumer demand and sales decline. Wu Changjiang, the chairman of the board, resigned before May this year.
In addition, independent non-executive director Karel Robert den Daas has informed the board of directors through a letter on Saturday (11th) that he has decided to resign from his position due to differences of opinion on the company's future strategic direction, and will take effect on the 9th of this month. He has accepted his resignation.
At the same time, NVC Lighting clarified a number of news, including the fact that the company has appointed a management committee, and the stopped strike will not have a material impact on the Group's business for the current fiscal year. All dealers have resumed placing orders with the company since 28th of last month. Now, about 25 suppliers will no longer supply raw materials to the company.
Schneider's two executives resigned
NVC Lighting announced on the evening of the 14th that the company’s former vice president Li Ruihe’s former general manager Li Xinyu had resigned from the company, which was previously an employee of Schneider Electric. At the same time, the announcement stated that the board of directors considered that it was not appropriate to re-appoint Wu Changjiang as the chairman and director of the company.
According to the announcement, Li Rui and Li Xinyu resigned and agreed to strike employees. The company will set up an interim management committee to perform the duties of Li Rui and Li Xinyu. The management committee consists of executive director and vice president Mu Yu, vice president Wang Minghua and vice president Tan Ying.
According to the announcement, the management met with employees of Huizhou factory on July 26, and they asked the board to reply to their appeal at the latest on August 9. The requirements are as follows:
1. Previous resignation of the management members of Schneider employees;
2. Re-elect Wu Changjiang back to the board of directors 3. Increase employee compensation by 15% to 25%;
4. Do not take any retaliatory action against the employee.
The board of directors responded that two of the former executives of Schneider employees had resigned, and the board of directors considered that it was not appropriate to re-appoint Wu Changjiang as the chairman and director of the company.
NVC strike has stopped dealers to resume orders
The announcement said that the strike had stopped on the 27th of last month and the employees of Wanzhou Factory and Chongqing Office had resumed work. The dealer has also resumed placing orders with the company since the 28th of last month.
The company confirmed that about 25 (50%) raw material suppliers in Wanzhou and Huizhou factories have indicated that they will no longer supply raw materials to the company. The board of directors expects that the existing stocks will be sufficient for some days of production. If the situation cannot be resolved, it will result in operational and financial conditions. Substantial impact.
In addition, independent non-executive director Karel Robert den Daas has informed the board of directors through a letter on Saturday (11th) that he has decided to resign from his position due to differences of opinion on the company's future strategic direction, and will take effect on the 9th of this month. He has accepted his resignation.
At the same time, NVC Lighting clarified a number of news, including the fact that the company has appointed a management committee, and the stopped strike will not have a material impact on the Group's business for the current fiscal year. All dealers have resumed placing orders with the company since 28th of last month. Now, about 25 suppliers will no longer supply raw materials to the company.
Schneider's two executives resigned
NVC Lighting announced on the evening of the 14th that the company’s former vice president Li Ruihe’s former general manager Li Xinyu had resigned from the company, which was previously an employee of Schneider Electric. At the same time, the announcement stated that the board of directors considered that it was not appropriate to re-appoint Wu Changjiang as the chairman and director of the company.
According to the announcement, Li Rui and Li Xinyu resigned and agreed to strike employees. The company will set up an interim management committee to perform the duties of Li Rui and Li Xinyu. The management committee consists of executive director and vice president Mu Yu, vice president Wang Minghua and vice president Tan Ying.
According to the announcement, the management met with employees of Huizhou factory on July 26, and they asked the board to reply to their appeal at the latest on August 9. The requirements are as follows:
1. Previous resignation of the management members of Schneider employees;
2. Re-elect Wu Changjiang back to the board of directors 3. Increase employee compensation by 15% to 25%;
4. Do not take any retaliatory action against the employee.
The board of directors responded that two of the former executives of Schneider employees had resigned, and the board of directors considered that it was not appropriate to re-appoint Wu Changjiang as the chairman and director of the company.
NVC strike has stopped dealers to resume orders
The announcement said that the strike had stopped on the 27th of last month and the employees of Wanzhou Factory and Chongqing Office had resumed work. The dealer has also resumed placing orders with the company since the 28th of last month.
The company confirmed that about 25 (50%) raw material suppliers in Wanzhou and Huizhou factories have indicated that they will no longer supply raw materials to the company. The board of directors expects that the existing stocks will be sufficient for some days of production. If the situation cannot be resolved, it will result in operational and financial conditions. Substantial impact.
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