Haworth Inc Targets Double Digit Growth In 2024: President And CEO
With an investment of $8-10 million, the $2.57 billion company has also lined up expansion at its existing plant in Chennai which would add total space of 1.13 lakh sq ft.
U.S. headquartered workspace solutions provider Haworth Inc., on Friday announced the ground-breaking ceremony for its second state-of-the-art factory in Chennai as it expects to record a double-digit growth in India this year.
With an investment of $8-10 million, the $2.57 billion company has also lined up expansion at its existing plant in Chennai which would add total space of 1.13 lakh sq ft.
"Haworth continues its growth streak with $2.57 billion in global sales last year, a 3% increase. We have been in India since 1997 and have played an integral part in the development of high-grade office furniture," company President and CEO Franco Bianchi said.
The proposed facility near Chennai would serve as a hub for producing products of Haworth thereby reducing dependency on imports. The new factory would allow the company to meet its export demand.
"With the expansion of Grade A spaces across India, we are expecting double-digit sales growth this year in the region. With continuing focus on traditional MNC businesses, we expect to increase our business in India and emerging markets. Localisation of key products in India, supply chain optimisation, implementation of new ERP system, onboarding new dealers, market expansion and investment in new showrooms are our strategic imperatives," Bianchi said.
Haworth Inc was also exploring new markets in the country by tapping opportunities in Tier II cities. It has set up new offices in Delhi National Capital Region, Ahmedabad and Pune.
Haworth International President Henning Figge said the company's first production unit near Chennai was set up in 2014 and since then it has expanded the range of products in India.
"This second plant will not only take care of our local requirements but potentially manufacture products for exports. Plans are underway to expand the manufacturing footprint by investment in both logistics and manufacturing at the new facility in Chennai," Figge said.
Haworth Inc currently has a presence in over 150 countries employing over 8,000 people. In India, the company has five showrooms and also established a global Shared Services Centre in Chennai employing over 300 people.
