Yelo gets green light in £1m Chinese deal
A Carrickfergus company has announced new contracts worth £1m on the first day of a Northern Ireland trade mission to China.
Yelo, which designs and manufactures test equipment for the electronics market, distributes its products in North America, Europe and Asia, and its customers include Fortune 500 corporations, universities and research establishments.
Three new clients based in Beijing, Shenzhen and Shanghai have purchased temperature-controlled laser systems for testing broadband and data storage equipment.
The company, which employs just under 30 people, was founded in 1983.
Known then as System Solutions, the company has also operated under Mindready and Averna Ltd before changing to Yelo Ltd in February 2010.
David Simms, Yelo's sales and marketing director, said that the firm's technology enables laser manufacturers and their clients to determine the lifetime of a laser and also to prevent early failure in the field.
He added that the company has already taken part in two major trade shows in China, which produced contacts that led directly to the new business, thanks to Invest Northern Ireland.
"The new clients commissioned us to develop very reliable test systems within a very short lead time," he said.
"We achieved this by quickly customising our main product to suit the widest range of lasers."
First Minister Peter Robinson, who is leading the delegation to China said that Yelo's success proves that Northern Ireland companies have the technology and expertise that China requires.
"The Executive is committed to developing strong trade links with China and is ready to work alongside our companies to help them harness the very real business opportunities that are developing in one of the world's most dynamic markets," he said.
The deputy First Minister Martin McGuinness added: "We want to grow and strengthen our economy by opening up new markets for business and explore new opportunities through investment in science, research and technology.
"We share a commitment with China to invest in our young people and encourage education exchanges by collaborating with universities right across China."
Enterprise Minister Arlene Foster agreed that the fast-growing Asian economies are increasingly important to Northern Ireland as firms seek to further boost exports, saying: "Businesses must grasp these opportunities if we are to transform Northern Ireland into a vibrant, private sector-led economy."
The year Systems Solutions was formed. In 2010 it became Yelo$119bn
Value of equine industry to the US economy 2.7%
The current rate of inflation in the UK£1.76m
Value of shares sold by First Derivatives' director19.1%
Increase in cost of getting a university education