To revive their fortunes, precision engineering firms need to diversify
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A HANDFUL of Singapore-listed precision engineering companies have been stuck in a rut over the years, with the decline in hard disk drive manufacturing. But some are reinventing themselves by diversifying into new products and even industries.
Take Allied Technologies, for instance; after disposing of its metal stamping business in China late last year, the company obtained shareholders' approval in March to diversify into e-commerce and related technologies such as e-payment systems and platforms.
It swiftly followed up with the new mandate by acquiring stakes in related companies such as event ticketing firm Asia Box Office, Software as a Service (SaaS) platform Activpass Holdings and China payments provider 8travelpay Intelligence & Technology (Shanghai) Co.
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