Mumbai: Milacron LLC, a leading high precision plastic processing technologies and control systems player, on Friday announced its plans to further invest USD 30 million in its India operations.
The firm plans to invest USD 20 million in Ferromatik Milacron India's Ahmedabad facility to double its manufacturing capacity of injection moulding machines & blow moulding machines as well as commence the production of extrusion line.
It will invest another USD 10 million in Mold Masters (a subsidiary of Milacron LLC), manufacturers of hot runners & controls, for expansion at its Coimbatore facility to meet the growing customer needs, a company statement said here.
Announcing the investment, Milacron President and CEO Tom Goeke said, "We certainly share the new government's 'Make in India' philosophy. 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."
"The expansion at Ferromatik Milacron India (FMI) will increase the production capacity from 1500 to 2100 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.
The growth of the infrastructure and construction market in India is a major reason for the expansion and introduction of extrusion line and the company wants to expand its market share.
