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Incap Oyj (HEL:ICP1V) Incap Corporation Press release 22 October 2008
Incap Contract Manufacturing Services Private Limited, a subsidiary of Incap Corporation, Finland has signed agreements with six new customers operating in India. Volume deliveries to these customers have started this summer, after the completion of prototype and pre-series phases earlier this year. The expected total value of the new customer agreements will be 5-7 million euros annually. The manufacturing will take place in Incap's factory in Tumkur, near Bangalore.
Most of the new customers operate in the energy technology, which has been defined as one of the main strategic growth areas of Incap. Details of some of the customers are given below. Because of NDA restrictions some customers' names may not be mentioned despite of the start of commercial co-operation.
Taco Sasken Automotives Electronics (P) Ltd. is a designer for automotive electronics and part of the TATA group. Incap is partnering with Taco Sasken on the manufacture of vehicle tracking systems and information systems.
Emerson Network Power is a fully owned Indian subsidiary of the US-based Emerson Corporation. Incap is partnering with them in the manufacture of about 60 different types of PCBAs for their wide range of industrial UPSs. Incap is also in negotiations with Emerson for taking up the complete manufacture of some of their UPSs on a turn-key basis.
For Mango Global Incap is manufacturing GSM- and CDMA-based point-of-sale terminals as complete box-build products.
"These six agreements are our first new customer acquisitions in India after the takeover of contract manufacturing facility from TVS Electronics in June last year. They mean a welcome expansion of our customer base and prove that our approach and offering for the Indian market have been appropriate. These contracts will enhance our business in India in line with our strategy. We are also glad to expand our services in India to a new customer segment, the automotive industry", says Sami Mykkänen, President and CEO of Incap Corporation.
Incap estimates a strong growth for its Indian operations. Construction of a new factory building in Tumkur has been started and it will be ready early 2009. The new premises will replace the old facility and are designed to better meet with Incap's manufacturing needs with a possibility for expansion later. Incap is increasing its production capacity in line with the sales increase and further investments in modern SMD technology are planned for the beginning of 2009.
During the year Incap has strengthened the sourcing and procurement resources team in India and launched co-operation with an Asian partner in global sourcing for both European and Indian factory. Also the design capacity has been enhanced strongly so that Incap today runs a design team of 12 professionals. The team offers design services in mechanics, electronics and PCBs to customers globally.
For additional information, please contact: Sami Mykkänen, President and CEO, tel. +358 50 556 7199 Jarmo Kolehmainen, Managing Director of Incap Contract Manufacturing Services Private Limited, tel. +91 990 204 2810 or +358 40 529 7888 Murthy Munipalli, Vice President Sales and Marketing, Incap Contract Manufacturing Services Private Limited, tel. +91 98802 31431 Hannele Pöllä, Director, Communications and HR, tel. +358 40 504 8296
DISTRIBUTION NASDAQ OMX Helsinki Ltd Principal media in Finland and India www.incap.fi
INCAP IN BRIEF Incap Corporation is an internationally operating contract manufacturer whose comprehensive services cover the entire life-cycle of electromechanical products from design and manufacture to maintenance services. Incap's customers include leading equipment suppliers in the energy efficiency and well-being technologies for which the company produces new competitiveness as a strategic partner. Incap has operations in Finland, Estonia and India. The Group's revenue in 2007 amounted to EUR 83 million and the company currently employs approximately 730 people. Incap's share is listed on the NASDAQ OMX Helsinki. Additional information: www.incap.fi.
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