Financial Daily from THE HINDU group of publications
Wednesday, Dec 10, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 10, 2003 |
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Automobile Components Corporate - Mergers & Acquisitions GG Automotive in talks to buy US co Our Bureau
Mumbai , Dec. 9 GG AUTOMOTIVE Gears Ltd (GGAG) today informed the BSE that it is in negotiation through its US office, to acquire a US-based company manufacturing high precision custom gears and planetary gear systems at its Indiana plant. While the name of the US company was not disclosed, the notice said the target company has a listed subsidiary in India. "The US-based company established in 1919 and an ISO 9001 & QS 9000 certified manufacturer had recorded sales of $ 141 million for the year ended December 31, 2002,'' the company said. In rupee terms, that amounts to a sales turnover of Rs 641.83 crore (calculated at Monday's exchange rate of Rs 45.52 / $). In contrast, when reported in mid-October, GG Automotive was expecting a FY04 turnover of Rs 34-35 crore.
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