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Posted on Jan 09, 06:26PM | IBNS
Parker Hannifin Corporation (NYSE:PH), a global leader in motion and control technologies, has inaugurated its first green field manufacturing facility in Chennai.
The state-of-the-art, world class facility is built on a ten acre plot in Mahindra World City.
The new manufacturing site will focus on production for the Filtration, Pneumatics and Drives, Sealing and Shielding businesses.
The company has invested Rs. 100 cr in setting up the facility.
The new facility will manufacture broad range of products and systems for segments such as automotive, off highway mobile, telecom, oil and gas, mining, and primary metals.
The Chennai facility targets the employment of 300 people in the next 2 to 3 years. With this facility and acquisitions Parker Hannifin India plans to double their revenues within the next 5 years.
Tom Williams, Executive Vice President and Operating Officer, Parker Hannifin Corporation, said, "The inauguration of our first green field manufacturing facility at Chennai and localization of our products demonstrate our commitment to India as a key growth market.