Technology supply company\u2019s clients include major brands with revenue reported to be over $1bn at one point\n<\/p>\n
The move comes after a number of challenging years for the group.<\/p>\n
\u201cWe are working on resolving this matter and expect to do so to the satisfaction of all parties,\u201d a spokesperson for the group said in relation to the petition.<\/p>\n
The Covid pandemic \u2013 which had a severe impact on manufacturing in China \u2013 adversely impacted PCH. Subsequent global supply chain problems, including a chip shortage and soaring shipping costs, also affected the firm.<\/p>\n
The company\u2019s operations have also been impacted by US president Donald Trump\u2019s global tariff battles.<\/p>\n
It is understood that the company is in the process of raising finance from potential investors.<\/p>\n
Mr Casey \u2013 dubbed \u201cMr China\u201d – built a multi-million euro business by linking up Chinese manufacturers with major global consumer brands such as Apple and Chinese mobile phone maker Xiaomi. In 2007, Mr Casey was named EY Entrepreneur of the Year.<\/p>\n
PCH has a base in Shenzhen as well as an office in Cork. In China, it employs thousands of people.<\/p>\n
The company flourished as a key player in the technology supply chain, designing and handling the manufacture of products.<\/p>\n
It raised tens of millions of euro from investors along the way.<\/p>\n
While the company is unlimited, meaning it does not have to file publicly available accounts, it is known that its revenue soared during the last decade and at one stage topped $1bn (\u20ac852m).<\/p>\n
In the last year before the firm went unlimited, in 2011, it generated revenue of $710m, a $16.9m operating profit and a $100m pre-tax loss as it shouldered charges related to a change in the fair value connected to certain shares and warrants.<\/p>\n
\nChinese factory partners are increasingly sophisticated, and quality driven<\/p>\n<\/blockquote>\n
A 2023 restructuring saw Mr Casey regain 100pc ownership of PCH International. Before that, his stake had been reduced to 20pc following various fundraisings. Filings for PCH International Unlimited show that shareholdings in the firm are held via two companies based in the Cayman Islands.<\/p>\n
The company had also restructured in 2016, cutting staff numbers in China.<\/p>\n
\u201cChinese factory partners are increasingly sophisticated, and quality driven, which has reduced the need for localised PCH factory-based engineering and supply chain management services,\u201d noted Mr Casey at the time.<\/p>\n
\u201cFifteen years ago the factories in China were very different. Today they have strong engineering teams, improved communications, and project management.\u201d<\/p>\n
A petition to wind up PCH International Unlimited was filed with the High Court in Dublin last week, according to the official state gazette, Iris Oifigi\u00fail.<\/p>\n
The petition was officially filed by Joseph Howley, who is the collector general.<\/p>\n
The petition is due to be heard by the High Court on November 10. Any creditor or contributory of the company can support or oppose the petition and may appear at the hearing.<\/p>\n
The OECD said this week that while global growth is up, the full impact of Mr Trump\u2019s tariffs are yet to be felt.<\/p>\n","protected":false},"excerpt":{"rendered":"Technology supply company\u2019s clients include major brands with revenue reported to be over $1bn at one point The…\n","protected":false},"author":2,"featured_media":95581,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73],"tags":[79,381,18,19,17,24512,1900],"class_list":{"0":"post-95580","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-china","10":"tag-eire","11":"tag-ie","12":"tag-ireland","13":"tag-john-mulligan","14":"tag-revenue-commissioners"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/95580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=95580"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/95580\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/95581"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=95580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=95580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=95580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}