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February 5, 2008 |
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DUERR AG: Indian Unit Posts 50% Increase in Sales The Duerr mechanical and plant engineering group is benefiting from the automotive industry’s strong expansion in India. In 2007, new orders from business in India rose by 20% to over EUR130 million, and sales revenue increased by 50%. The company is currently building the paint shop for the widely publicized Nano subcompact from Tata. Duerr's new LeanLine painting concept is being used there, which allows good paint quality to be achieved despite low capital investment costs. Duerr is also supplying LeanLine equipment for other paint shop projects in India, for example, at the VW plant in Pune and for Tata in Lucknow. In January 2008, Duerr has already received two orders from Ford and the Mahindra Group in India. Other interesting projects are coming up during the year and will contribute to Duerr’s growth in India. Because of the growth, Duerr is greatly expanding its capacities in India. In the past year, the number of employees there increased by 90% to over 300. At its Chennai site, the company furthermore plans to set up an engineering center where about 60 engineers will design paint shops and assembly lines in proximity to customers. "India is one of the fastest-growing markets for us. We are benefiting there from our good contacts with both domestic and foreign automakers," Ralf Dieter, CEO of Duerr AG. "Experts expect that production of passenger cars and light trucks on the subcontinent will double in the next five years to about 3.7 million units. The automotive industry’s buildup of additional production capacities makes profitable growth in India possible for us." About Duerr Headquartered in Stuttgard, Germany, The Duerr Group -- http://www.durr.com/en/ -- supplies products, systems, and services for automobile manufacturing. Duerr designs and builds paint shops and final assembly plants. The Duerr Group also operates in Czech Republic, France, U.K., Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey, Australia, Brazil, China, India, Japan, Mexico, South Africa, South Korea and the U.S.A. * * * As of Nov. 19, 2007, Duerr AG carries B2 Corporate Family, B2 Probability of Default and Caa1 Senior Subordinate ratings from Moody's Investor Service. Moody's said the outlook is stable. The company also carries B Long-Term Foreign Issuer Credit and Local Issuer Credit ratings from Standard & Poor's. S&P said the Outlook is Stable. |
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