Singapore-headquartered regional advanced manufacturing service provider Hi-P International appointed former Apple executive Duco Pasmooij to its board as an independent director on Nov 11.
According to a Nov 26 announcement, Pasmooij is chairing Hi-P’s newly formed technology, transformation and sustainability committee. A 21-year veteran at Apple, Pasmooij retired from the tech giant in 2021 after years of leading production operations for the iPhone.
Pasmooij has been advising established firms and start-ups on scaling supply chains and operations, says Hi-P. “His clients cover a broad set of industries, including energy storage, sustainable materials, semiconductors, consumer electronics and AI applications in strategic sourcing.”
Commenting on the appointment, Hi-P executive chairman and founder Yao Hsiao Tung says: “Duco brings with him a wealth of experience in global supply chain management, especially in the high-tech consumer electronics sectors. His deep expertise in building and scaling supply chains will be invaluable to us as we map our strategy for greater global growth.”
Pasmooij is the second addition to Hi-P’s board since the company received $100 million from Temasek-backed 65 Equity Partners in July. 65 Equity Partners had appointed Lim Chin Hu, a board member of the Singapore Exchange S68 (SGX) and ST Engineering, as its representative on Hi-P’s board.
Founded in 1980, Hi-P was listed on the SGX Mainboard in 2003. The contract manufacturer was privatised and delisted in 2021.
Hi-P provides its services to multinational firms in the consumer goods and electronics, e-commerce and electric automotive sectors. Its clients include Amazon, Apple, Colgate-Palmolive, Dyson, Keurig Dr Pepper, Logitech, Meta, Motorola Solutions, Procter & Gamble, Seagate and Tesla.
Hi-P recorded $1.6 billion in revenue in 2021 and now projects revenue of over $2 billion for 2024. Since going private, the firm has expanded its manufacturing footprint from Singapore and mainland China to the Philippines, Malaysia, Vietnam and India. Hi-P has also established marketing and engineering offices in mainland China, Singapore and the US.
According to media reports in 2023, the company is reportedly mulling another public listing by late-2024 or early-2025, with a possible dual listing in the US or Hong Kong. The firm told The Straits Times in July that it had not decided on a location for the listing and is “evaluating different options” with 65 Equity Partners.
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65 Equity Partners was established in 2021 as a wholly-owned subsidiary of Temasek. The platform currently manages the Anchor Fund and the Local Enterprise Fund.
65 Equity Partners made its investment into Hi-P from the latter fund. It is a $1 billion joint fund with the Singapore government, led by the Ministry of Trade and Industry, to help develop large local enterprises.
Hi-P said in July that it will work with 65 Equity Partners to develop plans for “a new strategic focus and leadership succession” for growth acceleration and sustainability.
