Parker Hannifin Corp., a leader in motion and control technologies, inaugurated its first green field manufacturing facility at Chennai, India, the company announced today.
The new facility will manufacture products and systems for segments such as automotive, off-highway mobile, telecom, oil and gas, mining, and primary metals.
The facility will employ 300 people in the next 2 to 3 years.
With this facility and acquisitions, Parker Hannifin India plans to double their revenues within the next 5 years.
"Expanding business in Asia, and specifically India, represents a significant aspect of Parker's future growth strategy," said Tom Williams, executive vice president and Operating Officer, Parker Hannifin Corp.
"Asia represents approximately 10% of our sales today but over time we would expect that to be as much as 20% as our target is to double our business in the region over the next several years," Williams added. “A significant portion of our growth efforts in the region will be focused on India, as this country will play a critical role in our success in achieving these goals."
As part of the its long term growth strategy in India, Parker has made five strategic acquisitions in India in the past two years and nine since 2005.
The Chennai facility is designed as a green building and is in the process of being LEED certified.