LAROX CORPORATION COMPANY ANNOUNCEMENT 1 September 2009 at 9.00 am
Larox to Establish a Subsidiary in India
Larox will establish a subsidiary in India with the aim of increasing the
company's market share in the growing Indian market. The new subsidiary will be
responsible both for Larox's aftermarket services and filter sales development.
"We have been active in India already for over 20 years and have built a solid
customer base with the help of our local representatives. Establishing our own
subsidiary will help us develop our aftermarket services and deepen our customer
relationships. We will offer local service, in local language and currency.
Thanks to the local spare parts stock and permanent staff we will be able to
service our customers better and faster, and we will be able to offer faster
and better support also to our local representatives in new equipment sales",
says Mr. Karppanen, President & CEO of Larox Corporation, "For the filter
sales, we will continue to work in close cooperation with our local agents as
they have the best, in-depth knowledge of the Indian market potential."
"India is a very important market for Larox, and strengthening our presence
there is part of our growth strategy. The country has huge population, fast
economic growth and major reserves of natural resources such as iron ore, coal
and zinc. Many of our Indian customers are today among the global leaders in
their business sector. With the growth of the Mining, Metallurgy and Chemical
Process Industries, there is a constantly growing demand for filtration
equipment and services. In addition, India faces major challenges in energy
efficiency, and this drives demand for more efficient filtration technology
that enables savings both in energy and water consumption”, Mr. Karppanen
says. "Our aim is to increase our market share of this growing market, and also
benefit from the local qualified engineering and manufacturing resources."
Larox's subsidiary in India will be located in Bangalore and it is expected to
be fully operational during the 2nd quarter of 2010 at the latest.
Larox Corporation
For further information:
Mr. Topi Karppanen
President & CEO
Phone +358 (0) 20 7687210
Fax +358 (0) 20 7687277
topi.karppanen@larox.com
www.larox.com
Distribution NASDAQ OMX Helsinki Ltd., Central Media
Larox develops, designs and manufactures industrial filters and is a leading
technology company in its field. Larox is a full service solution provider in
filtration for separating solids from liquids. It supplies comprehensive
aftermarket services throughout the lifespan of the Larox solution. Companies
world-wide in mining and metallurgy, chemical processing and related industries
benefit from the Larox technologies. Larox operates in over 40 countries and
has about 600 employees. Larox has production facilities in Finland and in
China, and the Group is headquartered in Lappeenranta, Finland. Net sales in
2008 totaled 208.0 million euros, of which more than 93 % were generated by
exports and the company's foreign operations.