CRI Pumps opens foreign unit in China
Pump manufacturer CRI Pumps has opened its sixth foreign subsidiary — CRI Pumps Shanghai Co Ltd — in China.
The new subsidiary is expected to become fully operational in about a month.
G. Soundararajan, Vice-Chairman, CRI Pumps, says the investment in China facility would to the tune of $6 million.
CRI China would focus on industrial, mining, process industries, pressure boosting systems, building services segment and projects in the first phase, he adds.
The company recently acquired the industrial pumps business of UK-based Pumps & Process Systems. According to Soundararajan, CRI Pumps would leverage this acquisition in entering the China market.
The turnover at the end of the first full year of operation is expected to bearound $3 million and the company expects a year-on-year growth of 40-50% over the next four years.
On the company's foray into China, Soundararajan says: 'Mcilvaine survey has estimated the pump market in China at $8.4 billion by 2015. Around 13.5 million units of various types of pumps are sold there in a year. The market there is undergoing a major transition and we intend to leverage our strength and capitalise on the developments.''