US-based welding equipment manufacturer Lincoln Electric Holdings Inc today inaugurated its $20 million (around Rs 100 crore) welding consumables manufacturing unit at Mahindra World City, a special economic zone (SEZ), near Chennai.
Speaking to reporters after inaugurating the facility John M Stropki, chairman and chief executive officer, Lincoln Electric Holdings said that the 100,000 sq.ft unit's capacity will be 10000-15000 metric tonnes per annum and can be increased to 70,000 MT. The proposed investment will be funded through internal accruals.
He added, when the unit achieves its full capacity target it would capture 45% of the country's wielding industry, which is currently estimated to be around $60 million (around Rs 300 crore). Stropki did not commit any time frame to achieve the full capacity.
The company is looking at catering medium segment customers where the demand is high. The company will also eye end user markets like automotive, pipelines and power generation industry, including windmill fabrication.
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