Korloy Asian cutting tool supplier to expand European warehouse
The move follows a sharp rise in European sales.
South Korea’s Korloy has announced plans to more than double its stocks at the company’s European site in Frankfurt am Main, Germany, over the next three years. The company said the move is a continuation of its decision to further build on its business in Europe, a strategy expected to include additions to the supplier’s current sales network.
Korloy said it first set up the European unit three years ago, the success has been palpable: In the 2011 fiscal year, more than 43% of company sales came from Europe, according to the supplier, which noted that more than 40% of its South Korean-made tooling winds up in Europe.
The current level of 9,000 on-hand articles is to be expanded to 20,000, the company noted. It explained that shops which order a product by 3 p.m. generally receive it within 24 hours, at the latest. By then, it is normally already on the machine, it added.