8/23/2010
NEWS BRIEFS
Sundram Fasteners Gears Up for Expansion
Sundram Fasteners achieved a 43% sales gain to Rs 550 crore in the four months ended July 31, 2010, which included a second-quarter sales increase of 43% to and a 32% rise in net profit to Rs 22.55 crore.
Sundram chairman Suresh Krishna said his company has set aside Rs 150 crore for expansion in the coming year.
Subsidiary companies Peiner Umformtechnik GmbH and Cramlington Precision Forge (CPFL) reported losses during FY’10, with subsidiary consolidated net profit down to Rs 47.53 crore compared to standalone profits of Rs 75.43 crore. CPFL results are expected to improve as demand grows for the remainder of fiscal
Sundram continues to pursue new business partnerships. The Chennai, India-based firm has signed a technical collaboration agreement with Hitachi of Japan for the manufacturing of shimless tappets for Maruti Suzuki. The venture is expected to produce revenue of Rs 40 crore in fiscal 2011 and Rs 100 crore for in the second year.
Sundram also commissioned a new manufacturing facility at Hosur (100% export oriented unit) for manufacturing sintered powder metal components rotors, hubs and powder metal parts, as well as a facility for manufacturing sprockets at SEZ, Maraimalaingar. ©2010 GlobalFastenerNews.com
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