Technocraft Industries to discontinue manufacturing plant in China due to tariff restrictions from May-end

The company has manufacturing facilities to manufacture Drum Closures and Scaffolding at its plant in India as well as a plant of ARST in China.

May 26, 2021 01:05 IST India Infoline News Service

Technocraft Industries
Technocraft Industries has announced that considering the Tariff restrictions by the USA on imports of products from China and other commercial consideration, production of Scaffolding in Plant of ARST, situated in China, is proposed to be discontinued from the end of May 2021 and demand for scaffolding products will be met by the plant of the Company (Technocraft Industries (India) Limited) in India (as both the plants i.e. plant of ARST in China and plant of the Company in India are capable of manufacturing similar scaffolding products).

The company has manufacturing facilities to manufacture Drum Closures and Scaffolding at its plant in India as well as a plant of the wholly-owned subsidiary Company i.e. Anhui Reliable Steel Technology Co. Ltd (ARST), situated in China. The entire production of scaffolding is exported out of China by ARST.

In its regulatory filing, Technocraft said that trading of scaffolding by ARST along with the finishing of the products as may be required and production of Drum Closures in the plant of ARST will continue as usual. Thus all the customers will continue to be served by the Company either from ARST China or from the India plant.

At around 1.09 pm, Technocraft was trading at Rs392.50 per piece up by 0.7% on Sensex. 

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