Wheels India inks SHPAC tech deal to boost global hydraulic cylinder growth

Wheels India's agreement with South Korea's SHPAC aims to strengthen its hydraulic cylinder segment through technology transfer, driving global growth and new opportunities

Chennai-based Wheels India has signed a technical technology transfer agreement with SHPAC, a leading hydraulics cylinder manufacturer in South Korea, to boost the company’s business in the segment.

 

“It has been our stated intent to focus and grow the hydraulics cylinder business significantly over the next few years. We believe this business segment has potential to be an important growth driver for Wheels India globally, going forward,” said Srivats Ram, managing director, Wheels India.

 

Ram said that SHPAC is a leading manufacturer of hydraulic cylinders in South Korea with a successful track record over the last few decades, exporting their products worldwide.

 

“Our technical technology transfer agreement with them is expected to create new growth opportunities for Wheels India in the global hydraulic cylinder industry and we expect this to give a fillip to our drive to grow this business over the next few years,” he added.

 

Ram said that the company, which is a leading manufacturer of wheels for the global construction equipment industry, has been expanding its presence in Europe and North America. “We expect to leverage the technology transfer by accessing existing customers and will continue to invest in the hydraulic cylinder business as opportunities arise,” he added.

 

Last year, the company crossed the milestone of Rs 100 crore in net profit. For the first quarter ended June 30, Wheels India registered a net profit of Rs 26.44 crore on revenues of Rs 1,187 crore, with export revenues crossing the Rs 300-crore mark.

 

Wheels India is a leading manufacturer of wheels for trucks, agricultural tractors, passenger vehicles and construction equipment; air suspension systems for trucks and buses, and industrial components for the construction and windmill industry with manufacturing plants in Tamil Nadu, Maharashtra, Uttar Pradesh and Uttarakhand.