Business Daily from THE HINDU group of publications
Thursday, Jun 26, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, Jun 26, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Overseas Investments Neo Corp buys UK co for $2.5 m Divya Trivedi Ahmedabad, June 25 Indore-based technical textiles company Neo Corp International Ltd acquired UK-based Euro Plast Ltd for a sum of $ 2.5 million, Mr Sunil Trivedi, Managing Director, Neo Corp, told Business Line. The $ 12-million Euro Plast with distribution and warehousing access in Germany and France, will add to 20 per cent to the revenues of Neo Corp, said Mr Trivedi. It is also expected to remove the intermediaries in the supply chain and take the company closer to the end consumers. “As we directly come in touch with the end consumers, eroding the distribution chain, there will be a value addition of 30 per cent to our top line. Our bottom line will also benefit from this acquisition as the PAT margins of Euro are at two to seven per cent,” he said. The acquisition will also help the company manage its administrative costs, as all the work will now be shifted to India. The company is looking to acquire two more companies, based out of France and Belgium, which would be bigger acquisitions compared to Euro, said Mr Trivedi, without sharing figures. One of the acquisitions should be through by August, he added. The company has earmarked $20 million for further acquisitions. More Stories on : Overseas Investments | Mergers & Acquisitions | Textiles
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