The acquiring companies have six state-of-the-art manufacturing facilities across Europe and South East Asia, which have a combined sale in excess of Rs 2000 crores
Amtek Auto Ltd has reportedly acquired three companies (two in Europe and one in South East Asia) expanding its componentmanufacturing capabilities to meet the growing demand in auto and non-auto applications. “The company has agreed to acquire two Europe based and one South East Asia based auto and non-auto component companies through its Singapore based wholly owned subsidiary,” said an Amtek Auto’s BSE filing.
The acquiring companies have six state-of-the-art manufacturing facilities across Europe and South East Asia, which have a combined sale in excess of Rs 2000 crores to blue chip OEMs and tier one customer worldwide.
The proposed acquisitions are expected to further strengthen Amtek’s position as one of the largest integrated global players in forging, casting and machining businesses.
This is the second major international deal announced the Delhi-based automotive components manufacturer this year. In August 2014, Amtek India Ltd has entered into a 50:50 joint venture with Tokyo-based Riken Corporation to build a new iron casting foundry in Bhiwadi, Rajasthan with initial capacity of 1.5 million per year of engine camshafts.
The Amtek Group, one of the largest integrated component manufacturers in India, has a strong global presence with manufacturing facilities in the UK, Germany, Brazil, Italy, Mexico, Hungary and US.
Meanwhile, Amtek Auto has reported 42.71% jump in net profit for the quarter ended September 30, 2014 Rs 74.37 crore as compared to Rs 52.31 crore last year for the same period. The company’s total income has increased from Rs 783.95 crore for the quarter ended September 30, 2013 to Rs 1042.16 crore for the quarter ended September 30, 2014.
Source: business-standard.com
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