Monday, October 5, 2015

#HMT to set up skill development institutes with Fraunhofer-Gesellschaft of #Germany

Indian PSU HMT Ltd in collaboration with Fraunhofer Institutes and research of Germany will set up skill development institutes in its premises. This is to help HMT to focus on its core expertise, which is manufacturing of machine tools, with the latest German technology. In parallel, three loss-making units of the PSU — HMT Watches, HMT Bearings and HMT Chinar Watches — would be shut down and some 2,900 workers in these units would be offered a voluntary retirement scheme.

Meanwhile,nearly 1,600 employees of the HMT, Pinjore factory, have not been paid salary for the past 14 months as the factory has been in the red for a long time.

Fraunhofer- Gesellschaft is the leading organization for applied research in Europe. Its research activities are conducted by 66 institutes and research units at locations throughout Germany. The Fraunhofer- Gesellschaft employs a staff of nearly 24,000, who work with an annual research budget totalling more than 2 billion Euro’s. Of this sum, around 1.7 billion Euro’s is generated through contract research. More than 70 percent of the Fraunhofer- Gesellschaft’s contract research revenue is derived from contracts with industry and from publicly financed research projects.