Business Daily from THE HINDU group of publications
Saturday, Feb 23, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Feb 23, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Overseas Investments Sakthi Auto buys Swedish foundry 
Our Bureau Coimbatore, Feb. 22 Sakthi Auto Component, a 100 per cent subsidiary of Sakthi Sugars has, within a year of acquiring Intermet Europe (a closely held group), gone for another buy. This time, SACL’s European subsidiary Orlandofin BV has acquired an iron ore foundry in Sweden – Arvika Gjuteri AB, with facilities to produce castings for buses, trucks and heavy off-road vehicles and a machine shop. It is said to be a specialist foundry. The annual production capacity of the Swedish company is 28,000 tonnes. Sakthi Sugars informed the BSE about the European subsidiary’s acquisition on February 21. While the European buy had cost SACL $130 million, the acquisition cost of the Swedish company remained unknown. Mr M. Manickam, Managing Director, Sakthi Sugars, is away at Germany and could not be reached. For the year ended December 2007, Arvika has achieved sales of SEK 400 million with 380 employees. Sakthi, it is learnt, would continue to develop Arvika’s business and invest in enhancing its productive capacity in the foundry and machining capacity to meet the expected growth volume. Sakthi Automotive Group now has three foundries in Europe and two in India, all specialising in castings for the automotive industry. More Stories on : Overseas Investments | Automobile Components
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