10/29/2009
NEWS BRIEFS
Sundram Fasteners Profit Jumps
Sundram Fasteners reported net profit nearly doubled to Rs 188.7 million (US$4.01 million) during the third quarter of 2009. Q3 sales fell 14% to Rs 3.3 billion (US$70.35 million).
India-based Sundram is finding success by jumping into the aerospace fastener sector, though full penetration is likely to take two years or more.
“Our aim is to make fasteners for all metal moving industries,” Sundram finance president V.G. Jaganathan has stated.
Sundram Fasteners is reportedly in talks with Airbus Industries and GE about potential contracts. If successful, Sundram will likely set up a new plant to produce aerospace fasteners.
Chennai, India-headquartered Sundram has plants in five countries. Sales for 2008 totaled $405 million. ©2009 GlobalFastenerNews.com
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