December 30, 2013: Amtek Auto has informed the Bombay Stock Exchange that it has entered into an agreement to acquire substantial business interests of the Kuepper Group of Germany through its 100 percent subsidiaries.
The Kuepper Group is engaged in the business of iron and aluminium casting and integrated machining with five manufacturing
units across Germany and Hungary, said the company notification.
The acquisition is pegged at 200 million euros (around Rs 1,680 crore), according to reports.
The deal, which is likely to be announced soon will further strengthen Amtek’s product portfolio with BMW, Daimler and Volkswagen and increase its consolidated capacity to more than one million tonnes per year, say reports. Kuepper is the market leader in the machine casting industry, and BMW, Daimler and Volkswagen are its key customers.
Earlier in May 2013, Amtek had acquired the Neumayer Tekfor Group and with that the combined Amtek Tekfor Group become a market leader in the development and production of solutions for transmissions, engines, drivelines, special applications and safety fasteners.
The 3,300 global workforce at Amtek Tekfor generates sales of over 500 million euros with the Group’s international automotive customers.
The Amtek Group, along with its subsidiaries, now operates 60 facilities in India, the UK, Germany, Brazil, Italy, Mexico, Russia and the US. At present, the Group comprises listed corporate entities like Amtek Auto, Amtek India, Ahmednagar Forgings, JMT Auto and other subsidiaries.
SHOBHA MATHUR