The Sanmar Group, based in Chennai has announced on Tuesday that it has recently acquired a US-based specialty steel castings company, named Matrix Metals LLC. The officials of the company have stated that the Matrix Metals is having two foundries in the US and one in Mexico and the Sanmar Group has acquired it from the Jefferies Capital Partners. However, the officials did not disclose anything about the financial involvement of the acquisition.
According to the sources from the industry, the Sanmar Group is operating a steel foundry at the moment and is making an investment of Rs 100 crore with the intention to increase its capacity three-fold to 30,000 tonnes per year. The company did acquire a German foundry in the last year and with the acquisition of the $ 157-million Matrix Metals, the group is going to have a 60,000 tonnes of steel castings and 50,000 tonnes of premium iron alloy castings.
The company has already released an official statement regarding the matter and said that one of the senior officials of the Sanmar Group, Mr. B Natraj is relocating to the US for taking care of the Matrix operations. Mr. Natraj said in the statement that the first priority of the group is going to be the reinforcement of the sales and marketing efforts of Matrix in the US. The statement further informed that the company took a bridge loan from the Bank of India, New York has for funding the acquisition.
|
|
|
|
|
| Posted : 4/3/2008 |
|
| Browse through Product Directory of JimTrade.com which offers an exhaustive data on Products of Services where as Suppliers Directory of JimTrade.com provides a detailed information on Suppliers of Services |
|
|
|
