Computer memory and storage products maker Kingston Technology Co. topped $16 billion in annual sales last year, an apparent record high for the Fountain Valley tech giant.
Growth has been built on the practical guidance of founders David Sun and John Tu, according to the company.
“Our philosophy has been, if we take care of our employees and vendors, they will take care of our customers,” the two men said in the company’s 2022 sustainability report, which disclosed the company latest annual sales. “This hasn’t changed, and we believe these values are the key to Kingston’s success.”
The duo founded the company in 1987, and a tale they like to tell is that a fortune teller in Sun’s native Taiwan urged them to form the business together. Tu hails from China.
They are estimated by the Business Journal to each have a fortune of $7 billion. It’s their highest valuation in the Business Journal’s annual OC’s Wealthiest edition.
Amid a precarious global business climate, the two also emphasized the advantages of stability: “Our business is strengthened by long-term partnerships with suppliers, business partners, resellers and distributors.”
Kingston received a boost during the pandemic when gamers, work-from-home employees and other users of its products were cooped up indoors.
Kingston’s 2022 sustainability report, prepared in line with the Global Reporting Initiative and posted on the company’s website, says that net sales last year totaled $16.1 billion.
That appears to be the highest amount of sales the company has reported, and shows a steep increase from pre-pandemic days.
In 2019, for example, revenue was $12.8 billion, and even that was far higher than previous estimates.
In addition to products sold under its own name and brands, Kingston also makes memory products on behalf of PC manufacturers.
The company holds the No. 2 spot among the largest Orange County privately held companies, behind global security firm Allied Universal with $19.4 billion revenue posted in 2022.
Its product line makes flash memory products, solid state drives and other computer-related memory products, as well as its Kingston Fury gaming line. Its IronKey flash drive provides users with data security.
Kingston sold its gaming-focused HyperX division to HP Inc. in 2021 for $425 million.
Headquartered at 17600 Newhope St. in Fountain Valley, Kingston has significant operations in the U.S., U.K., Ireland, Taiwan and China. It is active in North America, Latin America, Europe, Eastern Europe, Middle East, Africa and Asia-Pacific.
The company has 2,931 employees, both permanent and temporary, according to the 2022 sustainability report.
Kingston reported 1,200 employees total in Taiwan with 802 in China.
American companies are facing pressure to bring tech production home from Asia, especially China.
DigiTimes Asia reported on July 5 that Kingston “is believed to have initiated a plan to reduce its investments in China.”
Kingston told the Business Journal it “has no comment regarding the content of the article in DigiTimes Asia.”