Latest News | Freudenberg Group Regroups Battery and Fuel Cell Biz

Chennai, Apr 19 (PTI): Global technology company Freudenberg Group on Tuesday has regrouped its battery and fuel cell business with effect from this month, a top official said on Tuesday.

The company has made investments of Euros 7.1 million in the domestic market which include acquisition of a new plant in Sriperumbudur near here.

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"We have acquired land as a strategic investment for future plant installations or expansion projects. The site is 5.84 acre in dimension," Freudenberg Regional Representative India and CEO, Freudenberg Regional Corporate Centre, Georg Graf said.

The company on Tuesday declared its financial results with Indian operations clocking Euro 322 million in sales which were significantly higher than the previous year.

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"We continue to invest in machinery, equipment and future-oriented technologies at a high level. The battery and fuel cell business are being grouped together in a separate Freudenberg Battery and Fuel Cell Business Group. These changes took effect April 1," Graf said.

On the financials, he said the overall sales exceeded the Euro 10 billion mark last year.

"At Euro 10,038.7 million, sales were significantly above the previous year's figure of Euro 8,840.8 million," he said.

Freudenberg sees India as an important investment destination and supports the Make in India projects, he said.

On the outlook, the company said due to the war in Ukraine it expects significant disruption to global supply chains with direct and indirect effects on the Group.

"They will be reflected in limited product availability, particularly when it comes to raw materials and supplier parts, as well as in across the board increases in energy and logistics costs," the company said.

In India, the company has 15 production sites and employees around 3,000 people.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)