Pioneer Balloon Company, a US-based balloon manufacturing company, plans to set up its manufacturing factory in Coimbatore for producing a complete line of play and exercise balls, besides foil and latex balloons which are printed with pictures, used mainly for outdoor advertising.
The company has identified land at Kinathukadavu, about 45 km from Coimbatore.
The unit will start its operations in the next nine months.
Speaking to Business Standard, K Balachandran, vice-president, Coimbatore District Small Industries Association, said a team of five entrepreneurs from US had visited Coimbatore in April and held discussions with office-bearers of Codissia.
"The team evinced interest in setting up their 100 per cent Export Oriented Unit here. As such, the association had helped them identify land and also guided them on other issues to start a unit here," he added.
Balachandran added that more foreign industries were likely to start their operations in Coimbatore owing to the availability of cheap labour.
Though there were no significant amount of foreign investments in the small and medium enterprises segment in Coimbatore so far, a couple of units like this beginning their operations would stimulate further investment, he said.
