Business Daily from THE HINDU group of publications
Tuesday, Jan 22, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Jan 22, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Mergers & Acquisitions Sona Okegawa acquires ThyssenKrupp arm
Our Bureau New Delhi, Jan. 21 Sona Okegawa, part of the Delhi-based Sona Group, has announced the acquisition of a German precision forging company, ThyssenKrupp Prazisionsschmiede GmBH, for an undisclosed sum. The latter, a subsidiary of the €51-billion ThyssenKrupp Technologies Group, will enable Sona Okegawa to become the world’s largest precision forgings maker, the Chairman of the Sona Group, Dr Surinder Kapur told press persons on Monday. Capacity expansion“Our group has a gear manufacturing capacity of 5 million units at Gurgaon and Pune, which we are expanding to nine million by 2009. With the latest acquisition, our combined capacity will be 55-60 million gears annually, making us the global number one,” said Dr Kapur. Global plansHe added that Sona Okegawa was looking to expand its footprint globally by expanding in China, Russia, South America through the newly acquired company, but was yet to decide on the strategy. The acquisition will be made through a combination of equity and debt and through a special purpose vehicle in the US or Europe. Post acquisition, ThyssenKrupp Prazisionsschmiede will be a wholly owned subsidiary of Sona Okegawa. Rs 2,000-cr coIn terms of revenues, Dr Kapur said that Sona Okegawa with a turnover of Rs 175-180 crore, along with ThyssenKrupp Prazisionsschmiede’s Rs 1,740 crore, would make the new entity a Rs 2,000-crore plus company. Germany-based ThyssenKrupp Technologies which has many group companies is looking to concentrate on its other businesses like steel and has said that it wanted to divest its automotive business. However, Dr Kapur declined to comment if Sona Group was eying other units of ThyssenKrupp. About 23 per cent of ThyssenKrupp’s revenues are from DaimlerChrysler, 12 per cent from Volkswagen, 9 per cent from Man, 7 per cent from General Motors and the remaining from BMW, Renault among other. Sona Okegawa is a joint venture company with Sona Group having 75 per cent stake and the remaining with Japan’s Mitsubishi Materials Corp. More Stories on : Mergers & Acquisitions | Bearings | tings & Forgings
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