Samvardhana Motherson Groups biggest US plant to open in Marysville next week - 14-Jan-2015 Samvardhana Motherson Group (SMG) will inaugurate a $40-million automobile mirror plant in Marysville, Ohio, next week, as part of its greenfield expansion plan for China and the US. SMG, which has made a string of acquisitions in the past, is now looking at setting up plants in the US instead of buying companies because of issues in the country that dont conform with the groups strategy, chairman VC Sehgal told ET over phone from Detroit. We are glad that we are opening our biggest plant in the US on 19 January. said Sehgal. The plant will operate under group company Samvardhana Motherson Reflect (SMR), which is one of the largest manufacturers of external rearview mirrors for passenger cars in the world. SMR develops, produces and distributes exterior mirrors, interior mirrors, blind-spot detection systems and a wide range of other automotive components. SMR claims a global market share of 22 per cent. Over 80 per cent of the auto component makers revenue comes from overseas markets. SMG is currently focusing on the US, Chinese and Indian markets. The US is a very mature market and we are being asked by our customers to come in and open up new sites and new plants over there, Sehgal said. A company source said that in June, the group will unveil Vision 2020, its plan for the next five years. We are confident of DOING good business in the US as we are opening up plant on the behest of our German customers, Sehgal said, adding. German vehicle manufacturers account for 65-70 per cent of the groups overseas revenue. SMG is also setting up a plant in Chongqing, China for manufacturing exterior mirrors. It is expected to be operational in a few months. Plans are to set up another plant under the Samvardhana Motherson Peguform (SMP) banner in Beijing to produce door panels. The plant is expected to be operational by FY 16-17.
Posted on: Wed, 14 Jan 2015 04:42:22 +0000
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