- IDEC pointed out towards the rapidly-growing automotive industry as a key market driver for its expansion plans
- The company is aiming to provide better support and services to its customers and partners in India
Toshiyuki Funaki, chairman & CEO, IDEC Croporation has announced the establishment of a sales subsidiary in Bangalore, Karnataka. This new subsidiary, as the company informed, has already started operations.
“IDEC has identified Asia Pacific, driven from our Singapore regional headquarters, as one of the key regions to achieve our ambitious global expansion goal. In order to accelerate our growth in the region, we decided to establish a sales subsidiary in India, the world fastest growing economy with a 1.3 billion strong population and promising sustainable and stable growth perspectives,” read an official statement issued by IDEC.
Might localise R&D and manufacturing in the future
The company pointed out towards the rapidly-growing automotive industry as a key market driver for its expansion plans in India. “We will capitalize on our core competencies and the strengths of our diverse control products and solutions, specifically our push-buttons and safety-related devices, to achieve exponential growth,” read company’s official statement.
It continued, “We will leverage our strategically located production base in Thailand and other factories around the world at the beginning and consider localising R&D and manufacturing in the future.”
The company is aiming to provide better support and services to its customers and partners in India through this subsidiary. IDEC anticipated that the effects of the above-stated subsidiary’s establishment on consolidated results for the fiscal year ending March 2020 will be minor. IDEC currently stands at the top of Japan’s control switch market with a share of approximately 50 per cent.