Labware equipment maker Tarsons Products Ltd. has announced plans to increase its global footprint across developed and emerging markets through exports of branded and ODM (original design manufacturer) products.
The company currently exports to 40 countries and seeks to increase ODM sales in the U.S. and Europe. It is also planning to enhance branded product sales by targeting emerging markets such as Asia Pacific, Middle East and South America, a top executive said.
The company caters to the global plastic laboratory products market which is expected to expand at a CAGR of 10.50% to reach $13.8 billion by 2025, according to a Frost & Sullivan report.
“Plasticware segment is gradually replacing glassware in laboratories and is the preferred product material in laboratory equipment,” said Sanjive Sehgal, CMD, Tarsons Products.
Quoting the Frost & Sullivan report, he said the market share of the plasticware segment in the laboratory equipment industry was expected to reach 67% globally and 75% in India by 2025.
“Through our extensive experience and proven track record, we are strongly positioned to increase our supply to overseas end customers,” he said.
The company is now planning to develop a new fulfilment centre and to build an inhouse sterilisation centre for captive consumption in West Bengal.
It is developing its sixth facility in that State which would enable it to double the current production.
The estimated capex for this expansion is about ₹260 crore and the company is planning to raise ₹150 crore in fresh capital through an IPO.
Through the new facility, the company plans to enhance production of existing products such as micro pipette tips, cryo vials and introduce new products including PCR plates, deep well plates, screw cap tubes, and volumetric flasks to grow its business.
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