Published On:August 23 2014
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Ferromatik Milacron India to invest $20 mn to double capacity of Ahmedabad facility.
US-based plastic processing technologies major, Milacron LLC, plans to invest $20 million (approx Rs. 120 crore) to double manufacturing capacity of its Ahmedabad facility Ferromatik Milacron India. The company also plans to commence the production of extrusion line at the same facility.
The company's Ahmedabad-based facility manufactures injection moulding machines & bloding machines.
Announcing the investment, Milacron President and CEO Tom Goeke stated, '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. 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 markets in the coming years.' Goeke is presently in India.
'The expansion at Ferromatik Milacron India (FMI) will increase the production capacity from 1,500 to 2,100 injection molding and blow molding machines a year. We are also planning to double the workforce from the current 1,200 employees in various Indian locations to 2,400 in line with the expansion.' Goeke added.