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SKF, one of the leading automotive and industrial engineering solution providers, plans to renew its focus on Asia, with economic uncertainty clouding growth in other markets. Among Asian countries, the Sweden-headquartered SKF intends to tap the growth opportunity more in China and India.
SKF operates in five technology-centric platforms — bearings and units, seals, mechatronics, lubrication solutions and services in India.
New seal plant
The company is setting up a new seals manufacturing factory in Mysore at an investment of SEK (Swedish Krona) 160 million ( Rs 128 crore). The plant is expected to go on stream early next year. The new factory will serve customers within the automotive, Railway and industrial applications segments. At present, SKF has four manufacturing units in Bangalore, Haridwar, Pune and Ahmedabad.
Rakesh Makhija, President - Asia, SKF, said the company will achieve sustainable growth by focusing on customers and creating value for them through innovative products and services.
“Despite the uncertainty of current economy, we are still holding strong confidence in Asia. Growth in Asia may slow down, but it will still be higher than other regional markets,” he said.
In September, the company opened a new factory for bearing and truck hub factory at Jinan in China at an investment of SEK 590 million (Rs 470 crore). The factory provides tapered roller bearings, SKF Split Truck Hub Units for the truck market. It also set up a solution factory that delivers best in class service in Australia.
“We have many big investments on going; in 2013 we will have a brand new North Asia Distribution Centre inaugurated in Shanghai, China, with a total investment around SEK100 million (Rs 80 crore) and SKF Jia Ding Campus will include a new automotive factory for wheel bearings for passenger cars,” he said.
The company has proposed an investment of SEK 700 million (Rs 560 crore) in the relocation and expansion of the Global Technical Centre China (GTCC), SKF Solution Factory, and SKF College in Shanghai, China.
New college in Singapore
The company will also set up a new college in Singapore to support Asia-Pacific growth. The new college will be the sixth SKF College, together with other two already in China and India.
“We are working on the plan to develop local leadership and create career and learning opportunities at every stage. The final goal is to create a strong, engaged and talented work force to support fast growth in Asia,” he said.
suresh.iyengar@thehindu.co.in
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