US-based Parker Hannifin Corp, one of the world's leading manufacturer of motion and control products, on Tuesday opened its new manufacturing facility located at Mahindra World City, Chennai.
The new manufacturing facility will concentrate on production for the filtration, drives, pneumatics, sealing as well as shielding businesses.
Tom Williams, Executive Vice-President at Parker Hannifin Corp, said that the new facility would cater mainly to domestic demand and help in enhancing support to the company's clients locally.
Williams also announced that they were planning to ramp up employment from the current 150 to 300 jobs in the coming years.
Speaking on the topic, Williams added, "This is completely in line with our overall goal of doubling our revenue over the next five years and having the Asia-Pacific region contribute 20 per cent of total sales - up from the current 10 per cent."
The American company has grown its business in India through five acquisitions and an investment of investment of Rs 100 crore in the past two years. Since start of its business in 1993, the global firm has made nearly nine acquisitions in India alone.
The New York Stock Exchange-listed global company has currently eight manufacturing facilities spread across India and its revenue contribution from the country is around $130 million.