The company targets $50 million for its medium term.
Actuant India, a wholly owned subsidiary of Actuant Corporation USA announced the launch of its manufacturing facility in Bangalore, India. The facility will support the company globally by offering value-added capabilities to drive business growth and accelerate operational excellence. The state-of-the-art facility is fully-automated and will initially start with assembling and manufacturing products for three of Actuant's businesses namely Power-Packer, Enerpac, and Hydratight.
"We are delighted to announce the launch of our first manufacturing facility in India. We believe this further strengthens our commitment to source, produce and sell solutions specially designed to delight our local customers.We pride ourselves in operational excellence and ensure that our strategic growth initiatives are a balanced combination of organic and inorganic activities. Our strong focus on vertical markets such as infrastructure, energy, agricultural productivity and sustainability will fuel our plans going forward," said Varun Vijay Rao, Managing Director, India.
"India is a strategically high growth market for us and is an integral part of achieving our global vision of doubling our revenue every five years. The launch of our manufacturing facility is an important milestone for us and reiterates our efforts toward leveraging our global capabilities in order to customize them for the needs of our local markets." said, Robert C. Arzbaecher Chairman and Chief Executive Officer.