Major supplier globally to Wal-Mart, Sears, Costco and other retail giants
|Achal Bakeri,CMD,Symphony Ltd:
|Ahmedabad, Wednesday, April 18, 2012: SymphonyLimited (BSE 517385)has achieved the distinction of being one of the few Indian brands witha presence in 60 countries across the globe and has emerged as the largest aircooler company in the world. Even as global air-conditioner brands like LG,Samsung, Hitachi, Daikin and Panasonic are fighting it out in India, the Symphony air coolers are capturing markets globally and simultaneously continueto grow their sales in India where the company is the top player with a 45%share of the organized market.
A strategic acquisition of an air coolercompany in North America, Impco, with manufacturing facilities in Mexicorecently was the big leap that the company took to gain global leadership.Symphony started leveraging the enduring relationships established by Impcowith large format stores like Wal-Mart, Sears, Home Depot, Lowes, Famsa andCostco, among others, to widen its presence in North, South and CentralAmerica.
On the otherhand, Impco commenced the import of Symphony’s residential plastic air coolersfor the North, South and Latin American markets. This range of plastic aircoolers will help Impco expand its reach in the residential segment in NorthAmerica. The acquisition has opened substantial opportunities for Symphony andImpco. It empowers both companies to offer end-to-end economical andenvironment-friendly air-cooling solutions.
Speaking on theemergence of Symphony Ltd. as the world’s largest air cooler player, chairman& MD of the company, Mr. Achal Bakeri, said, “The global market is huge andwe have still just scratched the surface. With global warming leading to highertemperatures the demand for environment friendly air coolers is growing fast indeveloped countries. Even a generally ‘cold’ country like Russia has seen aspurt in demand for air coolers and the potential market there is sosignificant that we have appointed a country manager for Russia. We were thefirst air cooler company in Mexico to undertake an extensive brand buildingexercise through a TV and print ad campaign in Mexico. We will look at furtheracquisitions globally in the future.”
Through awidening of its global footprint, Symphony is also reducing its dependence onseasonality. When it is winter in India, it is summer in a number of othercountries, marked by a potentially robust demand for air cooling solutions. Forinstance, in the US, summer extends from May to August; in the UK, from Aprilto October; in the Middle East, from April to October; in Southern Hemispherei.e. in South Africa, from October to February; in Australia, from December toFebruary. By focusing on sales across the world, Symphony has successfullytransformed what would have been a business disadvantage into a potentialopportunity. As a result, export volumes have increased from 4,667 coolers in2003-04 to 1,27,159 coolers in 2010-11.
Air coolers areenvironment-friendly. Unlike air conditioners, which release CFC gas, aircoolers do not emit hazardous greenhouse gases responsible for global warmingand other environment-related problems. Besides, air coolers consume only about5-10% electricity compared to air conditioners. Unlike air conditioners, which circulatestale air, air coolers draw, filter and deliver fresh air.
A world leaderin evaporative air coolers, Symphony focuses on innovative design to createbetter and eco-friendly products for domestic and industrial customers in 60countries across the globe. At Symphony, design-driven innovation and greenengineering is a sustainable competitive advantage. Company deliversmarket-leading products with engineering and design innovation, improved energyconservation, distinctive styling and customer-centric design.
Established in1988, Symphonyleverages a unique and successful asset-light business model for its residential coolers in Indiaand in-house lean manufacturing for its industrial coolers in Mexico to achievesustainable and profitable growth.
Headquartered inAhmedabad, Gujarat, India, Symphony is a global company committed to developsustainable and responsible products. This means leading the air-coolingindustry’s efforts to develop breakthrough green technologies to combat climatechange. Apublicly traded company in India with a manufacturing base in North Americaoffering products in over 60 countries, Symphony continuously deliversvalue to its stakeholders in a profitable and predictable way.
Symphony has continuously evolved its product portfolio to infuse freshness among channelpartners and customers. The Company has created a basket of over a dozen aircoolers in the residential segment with wide variety, created niche segmentslike desert coolers, personal coolers and room coolers, as well as enhancedproduct features. Symphony is a consumer-interfacing company. Customer feedback has influenced the introduction of a new product every six months.