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Sundaram in JV with Novotema Print E-mail
Written by Arjun   
Friday, 12 October 2007
 Chennai: Sundaram Industries , part of the $3-billion TVS group, and Italian company Novotema S.p.A, on Tuesday, announced an alliance to promote a JV for manufacturing and distributing a range of specialty Elastomer parts for sealing applications in India. Novotema, led by CEO Costanzo Pederzani, is owned by the management and the private equity fund 3i.  The manufacturing facility under the joint venture will come up in Madurai, where Sundaram Industries has its production unit.

 Sundaram sees huge demand for specialty rubber for sealing applications in sectors such as biomedical, hydrolics and automotive segments as much of the present demand in these sectors is currently being met through imports.

  Details on investment and capacity will be announced during the formal signing of the agreement, which is expected in the next few months, P Vijayaraghavan, chief executive, Sundaram Industries, said.

 Italy’s Novotema (NT) supplies technical rubber and silicon products (such as o-rings and shaped elements) to the automotive, home appliances, hydraulics, and pneumatics sectors. The company carries out the whole production cycle, from own project or co-design procedures, to the final manufacturing of the item. Main activities include: engineering, moulds manufacturing, compound formulation and preparation, moulding, final test and certification. Sundaram Industries produces rubber products out of its facilities in Madurai and Gurgaon for various sectors.
 
 This new joint venture will bring out a range of products combining the engineering expertise of Novotema and operational and commercial experience of TVS, a company statement said.
 
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