American company Milacron LLC, a global leader in high precision plastic processing technologies and control systems, has announced plans to further invest $30 million (about Rs.180 crore) in its operations in India.
The company said it would invest $20 million (Rs.120 crore) in Ferromatik Milacron India’s Ahmedabad facility to double its manufacturing capacity of injection moulding machines and blow moulding machines as well as commence production of extrusion line.
Milacron will invest another $10 million (Rs.60 crore) in its subsidiary Mould Masters which manufacturers hot runners and controls, for expansion at its facility in Coimbatore to meet the growing customer needs.
“We certainly share the new government’s ‘Make in India’ philosophy. In fact, we have a ‘Made in India, for India’ strategy. It makes immense business sense for us, helping us directly target a growing set of customers with locally made products in India and sold globally,” said Milacron President and CEO Tom Goeke, who was now visiting India. “Going by the current growth rate, by 2020, India will be second only to China in the global polymer processing market. We are very positive about our growth in India, and plan to continue to make substantial investments in India and rest of the markets in the coming years,” Mr. Goeke added.
The expansion at Ferromatik Milacron India will increase the production capacity from 1,500 to 2,100 injection moulding and blow moulding machines a year. The company is also planning to double the workforce from 1,200 employees in various Indian locations to 2,400 in line with the expansion.
With the addition of new range of extrusion products, the company would cater to the growing requirement in India, SAARC, the Middle East and Africa, it said.
