INCAP CORPORATION PRESS RELEASE 20 September 2007
at 3 p.m.
In order to strengthen its services to the globally operating
customers and to gain foothold in the growing markets of Asia, Incap
acquired the electronics contract manufacturing unit in Tumkur last
May. Currently over 220 people employing unit is specialised in
manufacturing electronic components and box-build products. There are
power supplies and medical electronics among others manufactured in
the unit.
Many of Incap's global customers have already started operations in
India and have expressed interest in Incap's local contract
manufacturing services. Incap estimates to receive 6 million euros
revenue for Indian operations in June-December 2007. The target is to
gain over 40 million euros revenue in the Asian markets by 2010."India has a great role in our internationalisation strategy. Now we
can offer our customers local cooperation in the regions where the
market and demand are growing vigorously. Our target is to grow
significantly exceeding the average industry growth. Even if India
will be important part of Incap's strong future growth, we are at the
same time maintaining and strengthening our current position in
Europe", said President and CEO of Incap Corporation, Juhani
Hanninen.
Incap organised a Stakeholder Event on Thursday, 20 September 2007 in
Bangalore. The seminar was inaugurated by Ambassador of Finland to
India, Asko Numminen. Gopal Srinivasan, Chairman of Confederation of
Indian Industry, presented the current development and outlook of the
Indian economy and industry. He explained e.g. the measures taken in
order to advance the economic growth of India.
Incap's customers, ABB and Kone Elevator India Pvt. Ltd. also
presented their operations in the area and described their
expectations for a contract manufacturing partner in the Asian
markets. Mr A. Sankarakrishnan, Managing Director of Kone Elevator
India Pvt. Ltd. greeted with joy Incap's arrival to India. He said
that Kone needs a reliable contract manufacturer such as Incap for
the Asian markets and believes that there is scope for wide
cooperation. Mr Saji S, Assistant Vice President of ABB Ltd.
mentioned that the most important features for a contract
manufacturer are delivery reliability, quality and competitive
prices. Guests also visited Tumkur factory, where a new Fuji-line was
inaugurated.
Incap's target is to invest strongly into Tumkur factory and a new
assembly line installed in August will increase significantly
production effectiveness. As a part of the contract signed with TVS
Electronics a new factory building will be built by TVS Electronics
to Incap where the current production with its equipment will be
transferred. New factory building will also enable production
expansion in the future.
INCAP CORPORATION
For additional information, please contact:
Mr Juhani Hanninen, President and CEO, tel. +358 50 556 7199
Ms Hannele Pöllä, Director, Communications and Investor Relations,
tel. +358 40 504 8296
DISTRIBUTION
Helsinki Stock Exchange
Principal media
INCAP IN BRIEF
Incap Corporation is a fast-growing electronics contract manufacturer
whose comprehensive service covers the entire product life cycle from
design and manufacture to repair and maintenance services. The
company's main customers are leading equipment suppliers in
telecommunications, electrical power technology, the automation and
process industries as well as measurement technology, security
electronics and health care. The Incap Group's revenue amounted 2006
to EUR 89 million and the company currently employs approx. 750
persons. Incap's share is listed on the Helsinki Stock Exchange and
it is a component of the Nordic Small Cap list within the information
technology sector. For additional information, please visit
www.incap.fi
