9/10/2013 11:42:00 AM
HEADLINES
Sundram Fasteners Looks to U.S. for Growth
Faced with sluggish demand in India, Sundram Fasteners is focusing on exports to the U.S. to shore up the company’s growth, the Business Standard reports.
“We are looking at growing US exports and in fact, our Rs 100-crore cap-ex for the year is focussed on addressing the US market,” stated Sundram joint managing director Arathi Krishna.
While European markets continued to be hit by recession, total export sales account for about 34% of overall Sundram sales revenue. Export revenue during the financial year 2012-13 rose 5% to Rs 678.25 crore, while overall net profit dropped 5.7% to Rs 29.45 crore for the quarter ended June 30, 2013.
The company is expanding its precision components capabilities for the automotive transmission segment.
The company is also cutting cost on raw material imports by sourcing domestically, as well as achieving a 30% energy cost reduction, according to the Standard. ©2013 GlobalFastenerNews.com
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