Last Updated : Monday, December 26, 2016 19:17:23

Symphony aircoolers shuts US marketing arm

US | AHMEDABAD | MUMBAI | RAJKOT – Impco S. de R. L. de C.V Mexico (IMPCO) – a stepdown subsidiary of Symphony Ltd in US, has decided to shut its wholly owned subsidiary company Symphony USA, Inc., following the decision to improve operational efficiency and simply business operations, Symphony Ltd statement said.

Symphony USA, Inc., (earlier also known as IMPCO Air Coolers, Inc.,) has been operational at Phoenix in Arizona state of United State of America and is a marketing arm in USA of IMPCO, Mexico since 2009, the statement said.

With an intent to improve operational efficiency and simplify business operations, IMPCO has decided to outsource marketing activities to one or more dealers or distributors to save cost of holding inventories, blockage of funds in working capital, regulatory compliances, recurring overheads.

IMPCO, Mexico is the wholly owned subisidary of Sylvan Holdings Pte Ltd, Singapore which in turn is a wholly owned subsidiary of Symphony Ltd and as announ(ed earlier IMPCO  is being transformed into asset right / capital light business model, which will further improve operating efficiencies IMPCO, the statement said.

Symphony USA lnc. Opertions will shut down with effect from December 31, 2016 and accordingly the company will cease to be the step down subsidiary, the statement said.

Update of Symphony Ltd winding up US marketing arm hit bourses during market closure hours and in last few minutes investors and markets reacted heavily to the news resulting the company shares ending in red on negative counters today on the two leading Indian bourses – The Bombay Stock Exchange and The National Stock Exchange.


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