Magtech is a leading manufacturer of Permanent Ferrite Magnets and NdFeb Magnets in Taiwan. Magtech provides not only cost-efficient magnets but also magnetic products like magnetic rubber (rubber magnets) and more. Their production line comprises a variety of magnets and related items. They can be seen widespread in commercial or advertising usages available in rubber magnet sheets, strips or rolls by extrusion process. Here is an interview from the leadership team, talking about their future plans and strategic approach for India
- Give us a brief history of Magtech Magnetic Products?
Magtech Magnetic Products Corp. is engaging in the magnetic field for more than 29 years of experience in manufacturing and selling all kinds of permanent magnets and magnetic applications over 65 countries, and achieves a very good reputation and honor from all customers worldwide. From researching, manufacturing to marketing, from magnetic units to finished products, we assist the customers in solving various magnetic issues and needs about magnetism, and provide the best quality and service. The MMPC is one of the best and reliable partners in the magnetic industry field.
- Give us a sense of the growth numbers in the last fiscal and the expected growth this fiscal?
Frankly speaking, we didn’t get the growth in the last fiscal. However, we are expecting to get the growth by 10% in this fiscal.
- What specialized products does Magtech Magnetic Products offer?
Two kinds of products that we are specialized in offering: First is Customized magnetic tools, such as Magnetic separator and Magnetic bar, etc. Second is Energy magnets, such as Bio magnet, Anion magnet and FIR magnet.
- Magnets are expected to play a key role in EV – what is your view?
We are very positive action on EV application. We have confidence that we can get more business on the same. We have already done all preparation on this issue. The business in EV is very potential in future.
- Why is India a lucrative market for Magtech Magnetic Products
The Indian automotive industry is well-known in the world. In this industry, the demand for magnets of different materials is very large.We have great confidence in the India market.
- Which are the sectors in India that you see potential demand for your offering?
Motor industry, Magnetic tools industry, Meter industry and Automation industry.
- What is the potential business you expect to garner in India?
EV industry or magnetic applications industry.
- How does Magtech Magnetic Products stand out against the domestic manufacturers of magnet in India?
We have over 29 years manufacturing experience, and do QC inspection strictly to ensure the high quality and highest reliability of products. We are proud of QC policy.
- How many countries outside Taiwan have you created your presence?
We trade in 65 countries all over the world.
- What was the strategic focus to partner with TPC?
Hopefully our partner in India can get the support from TPC at any time. The TPC has given us so much valuable assistance.No matter in exhibition or business activity. Actually, not doubt they play a role of win-win situation.
- Do you have any presence in India? What are the business plans in India for the next 5 years?
Of course, we do at present. We hope to get more and more business not only in above-mentioned industries, but also in other industries, such as hardware industry and health care industry. Our vision is that the business can grow 3 times for the next 5 years.
- How do you plan to expand your business in India?
First, through the assistance of TPC, to find more potential customers. Second, through google with keywords, to find more potential customers. Third, through E-commerce platform such as Amazon, Flipkart, Snapdeal, etc.
- What are the key challenges you face in the Indian market?
First, Price problem, especially currency exchange rate. Appreciation of Taiwan dollar is unfavourable to our export business.
Second, Lead time problem. The lead time for magnet production is at least one month, so it is too long for some Indian customers. Third, Remittance problem, because India is one of foreign exchange control country, more procedures and documents will be required.
- Post Covid how has the sector fared and what are your key strategic plans?
Fortunately, the Covid-19 didn’t give us so much influence. We did what we can do. We expect to have a growth on exporting business. There are two key strategic plans in past two years. Firstly, we look for more subcontractors to join in our supply chains. Secondly, strictly request our employees to obey the rule of anti-virus.