CHENNAI: Celebrating the growth of Indo-US business ties, the Indo-American Chamber of Commerce and the Sanmar Group on Monday conferred their annual business cooperation award on the US-based Cherry Corporation, a leading technical component and systems manufacturer.
Cherry Corporation’s expertise in differentiated switches, sensors and computer input devices may appear niche, but the results of their 15-year joint partnership with TVS in Tamil Nadu are present in India’s washing machines, cars, locking systems and elevators. As well as contributing to the growth of consumer durables, computer peripherals, automation and the automobile industry in India, the TVS-Cherry partnership has meant that products manufactured in India are now being incorporated into systems by Cherry Corporation’s clients worldwide. US Consul-General David T Hopper saluted Cherry Corporation for being the paragon of a foreign investor: it recognised the value of high quality collaboration, brought employment to the Tier II city of Madurai, transferred new technologies, developed human resources, expanded both its domestic market and export base, and encouraged the practices of sound corporate citizenship.
Cherry Corporation Chairman and President Peter B. Cherry paid tribute to the strength of the TVS group as partners and highlighted new opportunities from the innovative thinking emerging out of its Indian venture.
TVS-Cherry contributes about $10 million of Cherry Corporation’s $425 million in sales annually. But, Chairman of TVS-Cherry Pvt Ltd. R Harish told journalists, the enterprise is looking at 30-40 per cent growth year on year, with substantial investments made in improving systems design to provide automated solutions, rather than just component parts. IACC Chairman (Tamil Nadu) Hiren Shah said with two-way trade expected to double to $100 billion in the next 3-4 years, the TVS Cherry venture set a benchmark for the business relationship between the two nations.