TE Connectivity to close U.S plant, expand in India

Shakopee Valley News reports that TE Connectivity will move its operations from the local plant in Shakopee to Mexico, leaving 144 people impacted by the decision. The plant created fiber material for the telecommunications industry. Meanwhile, a report by the Business Standard says the company is planning to increase its localised presence in India from the present 26 per cent to 60 per cent over next five years. The company plans to set up a manufacturing plant in Bangalore. “We have set an ambitious target of achieving $1 billion (Rs 5,500 crore) revenues in India in the next five years. This will be achieved through both organic and inorganic routes. We are currently looking for partners to form joint ventures to exploit various business opportunities including tapping defence offset business,” V Raja, President & Managing Director, TE Connectivity India told the Business Standard.