Italian firm to invest euro 5.5 mn in Bangalore plantNovember 20th, 2008 - 11:20 pm ICT by IANS
Bangalore, Nov 20 (IANS) Leading Italian integrated machines manufacturer Biesse group plans to invest euro 5.5 million (Rs.35 million) in capacity expansion of its plant here, the company said Thursday.“We will invest euro 5.5 million to expand our Bangalore plant capacity to meet internal demand and export to Southeast Asia markets. We will also explore new market segments for our top and entry-level products,” Biesse SpA director Sergio Mina told reporters here.
Machines of the euro 466 million (Rs.29.36 billion) Biesse are used for wood, glass and stone processing. With eight production plants worldwide and 210 industrial patents, it is the first operator to run numerically controlled work centres.
“The distribution capillary nature of our products has been a critical success factor. Our strategy for the next three years includes spreading to North Africa, Middle East, Eastern Europe and China to consolidate growth,” Mina said.
Exports accounted for 80 percent of the company’s total revenue in 2007.
The Pesaro-based 40-year-old company has launched a new product line for the Indian small and medium enterprises (SMEs), which are easy to operate for wood works.