Singapore operations threatened by floods ravaging Thailand

Reports are flooding in that Singapore companies are flooded out in Ayutthaya, Thailand.

In a release, the Board of Directors of Innovalues Limited announced that their wholly-owned subsidiary, Innovalues Precision (Thailand) Limited which is situated at 83 Moo 2, Hi-Tech Industrial Estate, Bannlen, Bang Pa-In district, Ayutthaya had halted operations due to the ongoing flood situation and power outages in Ayutthaya, Thailand.

Though the water level has not reached the Thailand Plant, it had reached the gate of the Hi-Tech Industrial Estate. In order to minimise impact and damage to their property, Management had taken measures by installing barricades around the plant to prevent water from overflowing into the plant premise.

On the other hand, in a release, Nidec Corporation announced an update as of October 13, 2011 on flood damages to its subsidiaries in Thailand. No damages to the Company’s employees have been reported so far.

The Company plans to lay out an operation schedule for the currently inoperative factories based on changes in the situation. We apologize for any inconveniences caused by these circumstances and sincerely request your patience and understanding.

The exact amount of damage and the effect of the floods on the Company’s performance are yet to be assessed. We will continue to report on any actual or potential impact on the Company’s business performance in a prompt manner.