German firm Wilo AG, one of the worlds largest pump manufacturers, will acquire two Jumbo companies - Mather & Platt Pumps, and Mather & Platt Fire Systems, for around Rs 60 crore. Under the deal, Wilo AG will acquire a 62 per cent, and 54 per cent stake in Mather & Platt Pumps, and Mather & Platt Fire Systems respectively. According to sources, Wilo is also taking over the debts of Jumbo Group companies.
The Jumbo Group holds shares in both the companies through Mather & Platt. The German major is acquiring the companies to make use of the existing know-how of the Jumbo Group companies in the manufacture of fire and pump products. The Wilo group, based in Dortmund, has a presence in Asia, Europe, Africa, and South America, with a turnover of about Rs 3,487.7 crore. The company registered a net profit of Rs 216.9 crore for the year ended March 31,2005.