Brief us on the latest emerging trends in your company’s sector? How is your company contributing to these trends?
In our business, continuous innovation is of foremost importance. We have tough competition from China, European countries and from across the globe. To remain competitive in the global market, one should have the latest coating technologies, geometries and carbide compositions by which they can provide the best operational guarantees.
Our company is contributing to these trends by establishing a big R&D and design centre in Korea, which has more than 50 machines. We also have a huge team of almost 200 people, who are working tirelessly so as to come up with new innovative solutions.
Keeping in mind the developments in the Indian manufacturing sector, in terms of advanced technology adoption and changing customer requirements, what is your outlook on the industry performance this year?
The global outlook indicates promising growth. The confidence of the global manufacturing giants in the Indian manufacturing sector is attracting them to invest in the country. In India, we have major strengths, which include having access to a younger workforce, talented manpower and the world’s biggest economic manpower. This enhances our industry performance.
How has been the overall performance of your company globally as well as in India? How much does the Indian subsidiary contribute to your global business?
We started our first manufacturing processes in Korea in 1982. Within 36 years, we have reached USD $550 million. We are growing 20-25% every year and we also have manufacturing plants at almost 28 locations globally with presence in 75 countries.
Since the demand for materials is ever increasing, we have just added 100 new ANCA machines in Korea in order to meet these new requirements. These are highly-technical new generation machines. We have also established this plant to support our Indian needs. We are mainly focusing on specials and low-priced products to compete with local manufacturers. Thus, we are on the path of growth.
How is your company coping with the rapid pace of digitalisation in the manufacturing sector?
Our plant in Korea is highly automised where almost everything is done with robots. We have developed new software with which we can transfer our programs from Korea to USA, USA to Germany or Germany to India. Hence, we are fully equipped and geared up for Industry 4.0. We also provide support to various industry segments such as, energy, aerospace, automotive and defence and almost 60% of our market share is in automotive. Since we are a Korea-based company and the biggest giants like Hyundai and Kia Motors are Korea based, we have a good share in China with the biggest plant having 2,000 employees. In the US market, we are registered with companies such as Boeing and Airbus.
How do you look at the potential in India for your products? What are your company’s future plans in the short-term and long-term?
Most local players do not have the R&D and design facilities that we have so they either copy products in the market or they supply as per their local know-how. However, we provide proven solutions assuring product performance, cost-per-component and best productivity. This helps us cater to a bigger size of the market.
In terms of our future plans, since we are a customer-centric company, we would like to be total solution providers and will strive for material and segment-specific total solutions for the cutting tools industry. Most enterprises have total solutions for carbide only. However, we have an upper hand as we provide HSS products, powder metallurgy, carbide products and indexable inserts products. Hence, from spindle to end-tool, we provide total solutions.