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Our Bureau

Mumbai, Jan. 2

Setco Automotive Ltd (Setco) has acquired the US manufacturing facility of Haldex Brake Products Corporation USA (Haldex) through its subsidiary Setco Automotive N.A. Inc (SANAI) in Paris, Tennessee.

According to a press release, it is an asset purchase deal on an ongoing basis, and is valued at over $4.9 million (Rs 22 crore). This acquisition is a part of Setco's strategy to be a pre-eminent player in the global market. With this acquisition, it will add renowned global OEM (original equipment manufacturer) customers to its existing list of clients. It plans to expand its operations to over 30 countries by 2010.

More Stories on : Mergers & Acquisitions | Overseas Investments | Automobile Components

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