Family-owned construction firm JCB plans to expand its operations in Brazil and India, but stressed that it will not be to the detriment of its UK home market.
Headed by second-generation Anthony Bamford, the Rocester-based manufacturing company said in a statement that it will invest $100 million for a new factory in Brazil and $30 million for an engine plant in India. But, in line with the chancellor’s budget announcement to reform the nation’s economy, a spokesperson for the $3.2 billion manufacturing firm emphasised that its overseas expansion will have “no impact whatsoever” on its UK production. JCB currently manufactures around 60% of its equipments in the UK.
Following a buoyant demand for machinery from the emerging markets, the company aims to build on its existing operations in the two countries.
Bamford said in a statement: “One thing that sets us apart as a privately-owned, family company is that we take a long-term view and can make decisions quickly. With markets growing so rapidly, the time is now right for us to enhance our already strong presence in Brazil and India.”
A spokesperson added that while the Indian plant has started production, the Brazilian factory will start its operations in spring next year.
JCB, which is the third-largest construction equipment manufacturer in the world, was founded in 1945 and is named after its founder Joseph Cyril Bamford. Chairman and son Anthony took to the helm of the company in 1975 at the age of 30. JCB reported a 48% increase in revenues to $3.2 billion in 2010, from $2.2 billion the year before.
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