SHANGHAI (April 24, 1:45 p.m. ET) — Engel Holding GmbH now generates sales of more than 100 million euros ($132 million) in Asia for the first time and the Austria-based company will this year invest in expanding in China and South Korea.
"The demand in Asia increasingly calls for an adaptation of the injection molding machines and system solutions to the specific requirements,” said CEO Peter Neumann. “Our decentralized, local production facility enables us to offer our customers clear advantages with short delivery times and realize a faster time to market.”
Neumann was speaking at opening ceremony of the expanded production hall at the Engel large-scale machine works in Shanghai, China.
The Schwertberg, Austria-based company is investing 12 million euros in doubling capacity in Shanghai and 8 million euros in Pyungteaek City, South Korea. In South Korea the number of injection molding machines at the plant will increase from 650 to 1,100 units.
The news comes shortly after Engel announced a new JV with Plastisud SA, a French mold maker, to make beverage caps in China.