Freudenberg reports another profitable year, sales increase by 3.7pc

Freudenberg reports another profitable year, sales increase by 3.7pc

Submitted by alvin on Thu, 2016-06-09 20:47 Bengaluru: Technology major Freudenberg has had another year of profitable growth despite challenging conditions, with sales increasing by 3.7 percent from Rs1,497 crore in 2014 to Rs1,553 crore in 2015. “Our companies in India will continue to grow much faster than in other regions of the world,” said Dr. Jörg Matthias Großmann, Regional Representative, India, at the press conference in Bengaluru. The company’s global sales grew by 7.6 percent to 7.57 billion euros or Rs53,730 crore based on pro-rata consolidation of joint ventures. Freudenberg’s investment in India in 2015 was estimated at 9.4 million euros or Rs 68 crore. Those investments were made to upgrade and expand existing manufacturing as well as research and development facilities. The biggest investment was made in a state-of-the-art production site, labs and warehouse in the existing speciality chemicals factory in Mysuru. The facility was inaugurated in August and is owned by Klüber Lubrication India. It manufactures various specialty lubricating oils, greases, pastes, aerosols and release agents under the name of the Chem-Trend, OKS and Klüber Lubrication brands. Another of the group’s company Freudenberg Sealing Technologies has been active in Mohali since 2001 through its joint venture Sigma Freudenberg NOK. In February 2015, a second, completely new factory was opened in Basma, where some 2,000 employees manufacture seals for the Indian market and for export. “These two major investments with a total amount of more than Rs. 290 crore in the past few years underscore our long-term commitment to India,” said Großmann. “We have high expectations as we have significantly invested in the recent past to prepare Freudenberg in India for the future.” As of December 31, 2015, Freudenberg employed some 2,800 full-time associates at around 50 locations in India while globally Freudenberg employs 40,474 people.