Husky Injection Molding Systems Ltd. is pushing harder into the East.
The firm publicly firmed up its next round of new locations at Husky's annual meeting held in Toronto on Dec. 7. Husky Chief Executive Officer John Galt reiterated the lure of Asia.
``There remains tremendous opportunities in these growing markets and we're going to continue to focus our investments on expanding our footprint,'' Galt told shareholders.
Galt announced a new hot-runner manufacturing plant in Chennai, India, due to start within one to two years. Chennai, a southern city, is becoming a hotbed of manufacturing.
Cell phone giant Nokia Oyj early this year established a manufacturing plant there and Galt said the facility already has become Nokia's biggest in the world. Galt cited cell phone parts as a high-growth market with undeveloped supply chains. Husky wants to be the leading developer of plastics molding and magnesium-based solutions to these and other telecommunications markets driven by firms such as Nokia, Dell Inc. and Motorola Inc.
Other offshore plans are to establish manufacturing in Singapore, to set up a technical and manufacturing center in Moscow, and to add sales offices in Kuala Lumpur, Malaysia; Tianjin, China and Lahore, India. In the past year Husky opened sales offices in Istanbul, Turkey, and Vienna, Austria.
As Asia beckons, North American markets have been difficult and were prominent in Husky's US$7.7 million loss for its first quarter ended Oct. 31, typically the weakest fiscal period for the Bolton, Ontario, company. European and Asia-Pacific markets were strong but North American sales slipped 6 percent and Latin America dropped 26 percent.
Husky elected Robert Schad, company founder, as chairman of the board following the annual meeting.