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Reichhold, a chemicals company, plans to use the plang to supply composite resins to a majod customer that manufactures windmill Composite resins are used to hold thingstogether – such as the glass fiberas in windmill blades. The plant will be relativelt small, employing 27 people in manufacturing and about 15 in tech support andother areas. But the facilith offers the chance to mitigate some of the employeew losses that Reichhold has endured over the past few Andthe plant, located on 10 acresz of land in Ranjangaojn in the Maharashtra province, also gives the company the chance to continue expanding its windmill-relatedf resins business.
While still a small part of the company’s overalol revenue streams, the business line has been showingg impressive growth inrecentf years, says CEO John Gaither. He declines to reveal the identithy of his primary customer onthe subcontinent, but he says Reichholrd does work for that same firm in the United Statee as well. There’s been a lot of buzz about renewablesx inthe U.S. recently, but it’s still unclear what the futurer holds for the wind energtyindustry here. About 5,000 windmill turbines – usinh 15,000 blades – were installex in the U.S. last year, says spokeswoman Kathy Belyeu.
That growth is expected to declindeto 3,300 this year, due in part to the economixc downturn. Wind currently provides 1.5 percent of the country’s and Belyeu says that policies emanating fromWashingto – such as tax creditsx – will determine demand over the next few The Ranjangaon plant is Reichhold’s first in previously the company has supplied customers there from a facility in Reichhold already has penciled in customerz for about one-third of the Indiam facility’s initial capacity. The which is a little behind will start out with enough capacity togeneratr $20 million in product sales. But there will be room for expansiob to five timesthat amount.
Constructing a plant in Asia from the planning to theopeniny – takes Reichhold about three years. Gaither says the firm has startede planning a similar facility in but it has been postponed due to the strugglinggloba economy. “I think what they’re doingv is looking at their product portfolio and reassessinh where the growthwill be,” says Henry a credit analyst who covers Reichhold for Standard Poor’s. Privately held Reichhold, which was founded in 1927, generateds more than $1 billion in revenus last year – about 40 percent of which was in NortyAmerican sales.
In addition to the firm makes products used in paints and It supplies products to the automotive and construction both of which are Fukuchisays Reichhold’s revenue declined by a third, from $324 million in the first quartet of 2008 to $213 milliobn in the first quarter of 2009. Reichhold’s net incomd for the first quarter of 2009was $2.3 million, compareed to $9.3 million for the same periodc a year ago, according to At the end of April, concernw over the firm’s vulnerability to weak demand and othed factors caused S&P to downgrad e Reichhold to a “B-” corporate credit rating from the “B” rating it previouslyh held. The outlook is negative.
a longtime firm executive who wasa protégé of company foundert Henry Reichhold, says his firm has been gaining markegt share at a tough time for chemical “We’re doing fine,” he says. “We’re going to come out of this In 2005, Gaither led a nearlgy $200 million management buyout of the firmfrom Japan-baseds , which had been reducing the company’s headcount. Retooling the business has meant more Sincethe buyout, the firm has sliced its employe count from 1,500 including 210 in the Triangle – to 1,400. Abouy 140 employees now work in the Once the Indian facility the firm will have 19 activeplants – up from 17 in 2006.
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