Mobility paves Samsung’s silver path
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
ELGi Equipments, Managing Director, Jairam Varadaraj (file pic)
Air-compressor maker Elgi Equipments today announced that it has acquired a 100 per cent shareholding of Sydney-headquartered F R Pulford and Son Pty Ltd for 11.04 million (Australian Dollars), about Rs 56 crore, in an “all cash deal.”
The acquisition was completed yesterday, Coimbatore-based Elgi Equipments said in a company statement. F R Pulford and Son Pty Ltd and its subsidiary, Advanced Air Compressors, operating as ‘Pulford Air and Gas’ in Sydney is engaged in distribution of industrial compressors. The company registered an annual turnover of AUD 18 million in 2017-18.
The strategic acquisition by ELGi is a step towards expanding its footprint in Australia. “The total acquisition cost is approximately Australian Dollars 11.04 million - upfront cash consideration”, the statement said, adding ELGi would gain 100 per cent shareholding of Pulford following the deal.
Commenting on the acquisition, ELGi Equipments, Managing Director, Jairam Varadaraj said, “Today is a momentous day in ElGi’s and Pulford’s history. It is the integration of two customer-centric organisations with the intent of gaining a leadership position in the Australian compressed air market.”
“Pulford embodies market leadership through decades of customer-centricity. All of us at ELGi are humbled by Pulford’s legacy in the Australian market and we are honoured by the role ELGi will play in its growth,” he said.
Pulford Air and Gas, Managing Director, Tom Fyfe said, “today marks a great opportunity for Pulford to take a further leap in the Australian air compressor market with the acquisition by ELGi worldwide.”
“We are all very excited about the growth opportunities with the products, we know this is a big step forward for both companies that secures Pulford as a major player in the Australian compressed air market,” he said.
Pulford was engaged in distribution of industrial air compressors, gas generation equipment and air filtration products. In 2015, the company acquired Advanced Air Compressors, making it as the largest independent air compressor and gas generation company in Australia, the release added.
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Antrix should adopt a different tactic than merely fighting over jurisdiction: Experts
Invest in relationships, enterprise, behaviour, effort and learning
From different types of osmoses to new membranes, researchers have come up with ways of drawing water
Will a stock continue its current trend or will it reverse? We tell you how you can read chart patterns to ...
Sensex and Nifty 50 saw selling interest on Friday and slumped; selling pressure could continue
Investors with a long-term horizon can consider this offer
Most AMCs have been sending out cryptic e-mails. We tell you how to read between the lines
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
Forget the tuna. The island nation will keep you full and happy with coconut, koftas and jasmine
This year, on Facebook, I saw that someone had posted a list of EASY RESOLUTIONS. I didn’t copy them down but ...
With strokes of quirky humour, Partha Pratim Deb uses pulp, terracotta, glass and discarded cloth to create ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor