Parker Hannifin India, a part of the Rs 71,500-crore Parker Hannifin Corporation of the US, has set up a Rs 100-crore factory near Chennai to manufacture components for a wide range of industries. Thomas Williams, Executive Vice-President and Operating Officer, Parker Hannifin Corporation, said the company has invested over $34 million in Chennai in the last couple of years. India is an important component of the company’s targeted growth in the Asia-Pacific which contributes about 14 per cent of its sales. Parker Hannifin hopes to grow this to about 20 per cent – double sales in the region in five years. Globally, the company aims to grow at about 10 per cent.
India accounts for a revenue of about $130 million. The company caters to the automotive segment including on-road and off-road, and telecom, oil and gas, mining and primary metals sector. Addressing media persons following the formal opening of the 10-acre factory at Mahindra World City, an industrial town near Chingelpet about 50 km south of Chennai on NH45, Williams said the factory will make products for the filtration, pneumatics and drives, and shielding businesses. The company employs over 1,500 people in India and will recruit an additional 300. Globally, its workforce is close to 60,000. Kurt Keller, President, Asia Pacific Group, Parker Hannifin, said the company is keen on expanding in life sciences and renewable energy industry. In life sciences, pharmaceutical will be an area of growth with manufacturing for respiratory devices, and bio fluids handling equipment. The company’s expertise will help it manufacture wind turbine components and equipment for wave energy and solar energy, he said.
-Hindu Business Line