Fair Friend Group recently set up with its local agent in India a 50-50 joint venture, Feeler Cosmos, to make machining centers for the Indian machine-tool market, which is projected to bring in NT$5 billion (US$166.6 million) in revenue by 2020, according to group chairman Jimmy Chu.
Having set up its third overseas company so far this year, Fair Friend earlier took over Ikegai Corp. of Japan, a major maker of heavy-duty lathes, and acquired 80% stake in DMC of South Korea for US$20 million or so.
Chu says the Indian agent purchased a German grinding-machine maker three years ago and diversified into machining centers last year.
Chu says the joint venture plans to make 15-20 machining centers a month this year and 40 systems a month next year, to ultimately put out 2,000 machines a year by 2020.
Fair Friend is a major machine-tool group in Taiwan, operating 38 factories and 26 brands worldwide with consolidated revenue of NT$72 billion (US$2.4 billion) in 2013. The 1974-founded FFG runs four businesses: machine tool, printed circuit board, industrial equipment and components, and green energy.
The group will go public in Taiwan by 2017 to be Taiwan's largest listed machine-tool manufacturing conglomerate by market revenue. (KL)(by Ken Liu)
