Financial Daily from THE HINDU group of publications
Saturday, Dec 11, 2004
Financial Daily from THE HINDU group of publications Saturday, Dec 11, 2004 |
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Corporate
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Mergers & Acquisitions Bharat Forge buys German firm in all-cash deal Our Bureau
Mumbai , Dec. 10 BHARAT Forge Ltd (BFL) today said that it has acquired CDP Aluminiumtechnik GmbH & Co KG (CDP AT), in an all-cash deal. The acquired company, located at Brand-Erbisdorf near Dresden, Germany is a "significant player in Europe" in the area of aluminium forged components used in passenger cars and other automotive applications. Its customers include BMW, Ford, Audi, and Volkswagen. This is BFL's second acquisition in Germany since it took over the German operations of Carl Dan Peddinghaus GmbH & Co KG (now called CDP Bharat Forge GmbH) a year ago. "The acquisition will enable our existing customers to source a complete spectrum of forged auto components across steel and aluminium segments from a single source," said Mr B.N. Kalyani, Chairman & Managing Director. According to an official statement, the transaction was concluded at an enterprise value of 6.3 million euros (Rs 37 crore). It is funded by way of equity of 3.8 million euros (Rs 22.3 crore) and non-recourse debt of 2.5 million euros (Rs 14.7 crore). Out of the total equity, two million euros (Rs 11.7 crore) is being contributed by BFL in a phased manner over six months, while the remaining 1.8 million euros (Rs 10.6 crore) is being met from the internal cash accruals of CDP Bharat Forge and CDP AT. CDP AT is a profitable company with an annual turnover of 35 million euros (Rs 200 crore) and 130 employees, the statement said.
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