Financial Express, Apr 15, 2008
Chennai, Apr 14: Having made two successful global acquisitions in the past one year - Eisenwerk Erla of Germany (2007) and Matrix Metals LLC of the US (2008), Chennai-based Sanmar group is going bullish in the foundry business.
With bluechip companies like Caterpillar, EMD, Emerson, Tyco, Komatsu, GE, Audi, John Dheer among a host of companies as long-term customers, the company believes that revenue from its foundry and engineering business will touch $1 billion in three to five years.
“We are bullish on global prospects. We have made two acquisitions in the last one year and we look at more such opportunities. We have set a $1-billion revenue target from our foundry business in the next three to five years and we hope to achieve it,” said P Natarajan, managing director, Sanmar Engineering Corporation.
“After becoming one of the top ten producers of steel castings, we have geared up to exploit the huge demand for iron castings in the overseas and Indian markets.” he added.