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"Global Sourcing"
JCB looks to India to build profits
Construction equipment giant JCB is to double its sourcing levels from India in an attempt to dig itself out of trouble.
The company has been hit by soaring steel and oil prices in the past 12 months, and is now looking to India to slash its sourcing and production costs.
JCB group CEO, Matthew Taylor, said that rising global cost pressures had led to the company looking to India as its new global sourcing hub.
"Prices of steel and oil have seen a steep rise over last eight months leading to increased cost of manufacturing,” Taylor said.
“Because of this, we need to source more and more components and other accessories from India to UK and other centres."
JCB currently has three plants in India and has invested heavily in the country in recent years.
“We have sufficient capacity to increase India sourcing,” said Vipin Sondhi, JCB India Managing Director.
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