Business Daily from THE HINDU group of publications
Friday, Aug 15, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Friday, Aug 15, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Alliances & Joint Ventures Amtek Auto, FormTech of US ink pact for jt venture 
Our Bureau Chennai, Aug. 14 Amtek Auto has signed a joint venture agreement with FormTech Industries, based in Michigan, to set up a manufacturing facility to make forgings primarily for automotive applications. Amtek and FormTech will hold 51 per cent and 49 per cent stake respectively. The Amtek spokesperson, Mr Sanjay Tiku, told Business Line, the new plant would produce hot forgings using a special (Hatebur) machine that can churn out as many parts in a minute as a conventional machine would do in an hour. The Hatebur machine of the smallest capacity can produce between 200 and 240 forgings a minute. The Hatebur machines are typically used to produce high volume, low margin forgings. The joint venture would be another product diversification for Amtek and comes as a backward integration since it is already one of the largest manufacturers of fully machined forgings for various applications, he said. The proposed plant would have more automation and be fully operational in 12 to 18 months, he said. FormTech, a leading manufacturer of precision hot, warm and cold forging components, is the largest independent automotive forgings suppliers in the US. It will bring its modern forging design and process technology to the new company, he added. Nod for Amtek India merger Amtek Auto puts potential hedging loss at $18 m over 2 years Amtek Auto to produce 5,000 wagons for Rlys More Stories on : Alliances & Joint Ventures | Automobile Components | Bearings | tings & Forgings
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