BFL(BHARAT Forge) ,the flagship company of $1.25 bn Kalyani Group, announced the attainment of Imatra KilstaAB(AKB) on Wednesday ,sweden along with its wholly - owned subsidiary Scotish Stamping, Scotland , reports Our Mumbai Bureau. Imatra Forging Group is the worlds well known formulted groups and the largest manufacturer of front axle beams and the second-largest crankshaft producers in Europe, with manufacturing facilities at 2 locations- Karlskoga Sweden and Ayr Scotland.
BFL, in a release has said that it had acquired the 100% ownership interest in AKB and Scottish Stamping,Scotland in all-cash deal through a 100%-owned SPV with immediate effect. The consideration paid for the attainment and the financial details has not been disclosed by BFL. As per the release AKB and Scottish Stamping are lucrative companies having a total formulated capacity of one lakh tonnes per annum across two plants. The 2 companies was having an yearly turnover of over1bn and a work force of over 1bn Swedish Kroners or $132m (Rs 580 crore) in 04 and a workforce of close to 600 employees.
BFL CMD,BN Kalyani ,said the Imatra Forging group acquisition completes BFLs global dual shore capability. All core products can now be produced by the company and the acquisition will strengthen BFLs position in the European commercial vehicle, diesel engine and passenger car industry through relationships with new customers.
Posted On : 9/23/2005 11:39:56 AM