 "Cooper Std eyes 3-fold jump in India sales to $200 mn")
"We are looking to achieve $200 million in sales by 2017 in India. We have laid the foundation for two more facilities, which will not only help in expanding our capacity to tap this increased demand, but also assure that the market continues to benefit from our superior quality products," Cooper Standard Chairman & CEO Jeff Edwards said in a statement.
The Michigan-based firm's sales in India currently stands at $71 million. The company is a leading global automotive supplier of automotive sealing, fuel and brake delivery, fluid transfer and anti-vibration systems.
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"The Indian automotive industry is robust and we foresee higher demand for our products. Cooper Standard has plans to increase its sales worldwide from the current levels of 2.9 billion $to 7 billion $by 2020," Edwards said.
The company, which is expanding operations in the country, has opened a new manufacturing facility at Bawal in Haryana and laid the foundation for another plant at Sanand near Ahemdabad recently.
"The company has invested a cumulative of around 13 million dollars in these two projects," the company said.
The Bawal facility will initially manufacture rubber sealing and trims for Volkswagen models - Polo and Vento in India, it added.
The Sanand facility will have facilities to produce sealing and trim, and fuel and brake delivery parts while catering to specific needs of automotive majors like Ford, Tata and Maruti in India, it said.
"By laying the foundation for another two facilities, we are not only expanding our capacity to tap this increased demand, but also assuring that the market benefits from our superior quality products," Edwards said.
The company is also planning to set up a technical centre at Manesar, Haryana, where it will work for various Cooper Standard units in America and Europe to develop part designs.