Parker Hannifin opens green field facility
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.
"Our new Chennai facility will enhance our ability to support our customers locally here as we build our presence in new markets in India."
"Expanding business in Asia, and specifically India, represents a significant aspect of Parker's future growth strategy. Asia represents approximately 10pc of our sales today but over time we would expect that to be as much as 20pc as our target is to double our business in the region over the next several years.
"A significant portion of our growth efforts in the region will be focused on India, as this country will play a critical role in our success in achieving these goals," Williams added.
As part of the growth strategy, Parker has made five strategic acquisitions in India in the past two years and nine since 2005. --IBNS