GELSENKIRCHEN, GERMANY (Dec. 16, 12:45 p.m. ET) — Polyurethane hose producer Masterflex Group is starting an expansion into Asia, setting up a business unit, Masterflex Asia Pte Ltd in Singapore, and planning another subsidiary near Shanghai, China, where it plans to manufacture from 2012 onwards.
With this move, Masterflex, a specialist in hoses made from high-tech plastics, is driving its growth strategy forwards. “In Asia, and particularly in China, we see a potential for our hose and connector systems in the medium and long term”, said CEO Andreas Bastin, in a Dec. 16 statement.
“Alongside our wide range of products for industrial applications, such as in mechanical and plant engineering, our solutions for the medical as well as food technological expertise for applications in the aviation and automotive industries are in increasing demand on the Asian markets.”
After successful expansion in Brazil and Russia in 2010, this step means that Masterflex will serve all four BRIC countries in future. Bastin adds: “With an annual growth forecast of 8 percent, the BRIC countries hold much greater growth potential than Europe and North America. That is something that we cannot ignore, nor do we have any intention of doing so.”
Some existing Masterflex customers have production facilities in the region and there are also many potential new customers, including western companies and Chinese manufacturers that want to export their products and are therefore very interested in high-quality connector elements, said Masterflex.