Incap’s Factories in India Partly Operational, Lock-Down Extended Until June 2021
May 24, 2021 at 06:45 am EDT
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Incap announced on May 10, 2021 that it had temporarily closed down its factories in Tumkur until May 24, 2021. The temporary closure was related to Karnataka State Government’s intensified measures against the coronavirus pandemic. The State Government has extended the intensified measures and the lock-down until June 7, 2021. However, Incap has been granted a permission for partial operations to support the manufacturing of critical electronic equipment including applications for healthcare. Incap continues its close co-operation with the Karnataka State Government and follows the instructions announced. The company expects that the factory will be back to normal operations by June 7, 2021. The closure and the partial operations of the factories in India do not have an impact on the company’s outlook for 2021 published on April 21, 2021. Incap’s previously announced outlook for 2021: Incap estimates that its revenue, operating profit (EBIT) and adjusted operating profit (EBIT) for 2021 will be clearly higher than in 2020. The increase in revenue and operating profit estimate is driven by the strong development at the Indian factories and the ramp-up of the factory expansion, that has proceeded faster than expected. Furthermore, the visibility related to the customers’ forecasts and the company’s own assessments of the business development has improved. The estimates are given provided that there are no major negative changes in the coronavirus pandemic situation, currency exchange rates or in component availability and they are based both on Incap’s customers’ forecasts and the company’s own assessments of the business development.
Incap Oyj is a Finland-based company engaged in the design and manufacture of electronic, mechanical and electromechanical components and assemblies. It provides such services as: Prototyping and Engineering, Printed circuit board (PCB) Assembly Manufacturing, Box-Build Assembly, Cable and Wire Harness Assemblies, Enginering Services and repair and overhaul services. Incap Oyj is a parent entity of The Incap Group, which comprises Incap Electronics Estonia OU, Euro-ketju Oy, Incap Hong Kong Ltd and Incap Contract Manufacturing Services Pvt Ltd, Incap Holdings UK Ltd, Incap Electronics UK Ltd and Incap Electronics Slovakia. The Company provides electrical hardware and services through its four factories located in the United Kingdom, Estonia, India and Slovakia.