Despite slowdown in auto sector, Sundaram Fasteners to go ahead with capex plan

Amid slowdown in auto sector, Sundram Fasteners chairman Suresh Krishna has said that the company is not shying away from investments.

He said his firm will go ahead with its capex plan since it wants to be ready when the economy and the auto sector bounce back.

Addressing the company’s share holders in Chennai, he said, “At some point, downturn will happen; we can’t expect to keep growing. A good company should manage both good and bad turns.”

According to Arathi Krishna, managing director, Sundram Fasteners , one of the reasons the company was not affected as much as others in the space was because it diversified into areas like retail and exports — both account for around 45 per cent of company’s sales now.

Sundram Fasteners, said Krishna, is not just a fastener company any more, but a broad-based engineering company capable of undertaking manufacturing of various components and assembly systems for automotive and other engineering applications in India and abroad.

Image Credit : www.vccircle.com

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