The Economics Times
Amtek Auto buys Germany's Kuepper group of companies for 200 million euros
Edited by : AL CIRCLE
2 min read
Amtek Auto has signed an agreement to buy Germany's Kuepper group of companies for about 200 million euros in its second big European acquisition in 2013. The deal, which is likely to be announced in a few days and will add clients like BMW, Daimler and Volkswagen and increase its consolidated capacity to more than one million tonnes per year.
"We have signed the deal and would announce the acquisition in next few days. It's a suitable fit and this new acquisition would complement our manufacturing platforms to make Amtek a global entity in the forging and other allied automotive businesses," said Arvind Dham, chairman Amtek Auto group. Amtek will float a special purpose vehicle and the financing will be through its own cash.
Amtek IndiaBSE 1.06 % shares rose 1% to end at Rs 62 on Tuesday. In the quarter ended September, Amtek posted a net profit of Rs 55 crore and a turnover of Rs 597 crore.
"The transaction is likely to bring synergy with Amtek's core expertise in casting and forging operations and strengthens its market position. This transaction is likely to provide the company access to high-tech German machining technology and new product customers from Europe," said Jai Sharda, managing partner at Equitorials, a Mumbai-based independent research consultancy.
"We have signed the deal and would announce the acquisition in next few days. It's a suitable fit and this new acquisition would complement our manufacturing platforms to make Amtek a global entity in the forging and other allied automotive businesses," said Arvind Dham, chairman Amtek Auto group. Amtek will float a special purpose vehicle and the financing will be through its own cash.
Amtek IndiaBSE 1.06 % shares rose 1% to end at Rs 62 on Tuesday. In the quarter ended September, Amtek posted a net profit of Rs 55 crore and a turnover of Rs 597 crore.
"The transaction is likely to bring synergy with Amtek's core expertise in casting and forging operations and strengthens its market position. This transaction is likely to provide the company access to high-tech German machining technology and new product customers from Europe," said Jai Sharda, managing partner at Equitorials, a Mumbai-based independent research consultancy.
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