MUMBAI – Ferromatik Milacron India Ltd. Expects a revival in the India market in 2014 after a slowdown this year.
The leading manufacturer of plastic injection molding machines and blow molding machines in India has the installed capacity to manufacture 2,000 machines annually, and it plans to start operating at capacity.
“Currently, we are manufacturing around 1,100 machines annually,” said N.K. Balgi, president of Ferromatik Milacron India, at the recent Injection Molding and Blow Molding Conference in Mumbai.
“The economy is expected to be revived after general elections in 2014, we are expecting growth in the sales with the push in the economy with the new government,” he said. “We are growing consistently in the Indian market and we will focus on capacity utilization with the economic revival post 2014 scenario.”
The company claims about one-fifth of the Indian market for injection presses, which is about 5,000 presses annually. Ferromatik India makes machines ranging from 50-3,200 metric tons of clamping force.
Balgi blamed the automotive market for the slowdown in machine sales.
“(The automotive sector) is down and it is growing merely at the rate of 5 percent compared to more than 10 percent earlier. Automotive is a major segment for us, but packaging and construction industry are growing,” he said.
Established in 1995, FMI's Ahemdabad facility sells machines to customers in 40 countries – including the United States. Recently it shipped a 450-ton Elektron press to a U.S. customer.
“We have added all-electric plastic injection molding line for caps and closures and automotive parts in the last six months,” he said.