Sintex Industries, the Gujarat-based company involved in building products, custom mouldings and textiles, is looking to restart two plants of its US subsidiary, Wausaukee Composites, in another 6-7 months, group president Sunil Kanojia said.
Both the plants manufactured parts of a wind turbine such as cones and nacelles.
The company had earlier in the year said it would reopen the facilities in June.
“The decline in the wind turbine market has been arrested but it will be another six months or so before the demand revives,” Kanojia said.
Wausaukee’s plant in Iowa was completely shut down along with the partial closure of its Michigan facility in early 2009 owing to sluggish demand from the wind power industry.
Sintex had acquired an 81% stake in Wausaukee in May 2008 for $17 million. The company, which also makes components for industrial trucks & tractors and mass transit systems, has two more plants in Wisconsin.
For the fiscal ended March 2009, Wausaukee clocked revenues of $43 million. The company expects similar numbers for this fiscal, too.
Talking of the slump in the market, Kanojia said, “Because wind energy is an alternative source of energy, it took a beating when oil prices came down and project financing also became difficult but now the market is recovering.”
He said once the company’s customers start clearing their inventories there will be an increase in orders.
Sintex is best known as the maker of storage tanks & containers, which now form less than 5% of its business.
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