Cincinnati Milacron Launches Machine Tool Joint Venture in India
CINCINNATI, Aug. 15 /PRNewswire/ -- Cincinnati Milacron Inc. (NYSE NYSE
See: New York Stock Exchange : CMZ (programming) CMZ - A portable interactive code management system from CodeME S.A.R.L in use in the high-energy physics community. ) announced today its agreement to form a joint venture with Batliboi Ltd. of Mumbai, India, for the production and sales of metalworking machining centers in India. The new company will be called Cincinnati Milacron Batliboi Pvt. Ltd.
Initially, under a license from Cincinnati Milacron, Batliboi will build certain models of Milacron's highly successful Sabre and Arrow lines of vertical machining centers, which are designed and produced in Birmingham, England, and exported throughout the world. The new joint venture will coordinate sales and service functions through a variety of distribution channels and will open its first office and technical center in Bangalore on September 27, 1996. This office will conduct sales, installation, service, distribution management, product demonstration and application services for the machines. The joint venture also plans to open additional offices and technical centers in Pune, Mumbai and Delhi during 1997 and to commence manufacturing in a phased manner.
Batliboi Ltd., which was founded in 1892, has grown to a position of leadership among engineering companies in India, with present annual sales in excess of $100 million. The company has spearheaded technological change in all its businesses, which include machine tools, plastics machinery, textile machinery, material handling, power generation, air conditioning- environmental, and agri-industrial products.
Batliboi enjoys a leadership position in manufacturing and marketing of machine tools in India. Batliboi's factories are located at Udhna (near Surat), Bangalore and Pondicherry; and the company operates from 21 locations nationwide with more than 2,000 employees throughout the country, including 800 technically qualified professionals.
Cincinnati Milacron, with 1995 sales of $1.6 billion, is a world leader in industrial processes, products and services including plastics machinery, machine tools, composites processing systems, software, flexible manufacturing cells, metalcutting tools, metalworking fluids, precision grinding wheels and industrial magnets. Founded in 1884, Cincinnati Milacron has 30 major plants and 12,000 employees worldwide and its shares are traded on the New York Stock Exchange New York Stock Exchange (NYSE)
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CMZ.
SOURCE Cincinnati Milacron Inc.
/CONTACT: Albert Beaupre of Cincinnati Milacron Inc., 513-841-7241/
CO: Cincinnati Milacron Inc.; Batliboi Ltd. ST: Ohio IN: MAC SU: JVN JVN John Von Neumann (mathematician)
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