Financial Daily from THE HINDU group of publications
Friday, Nov 11, 2005
Financial Daily from THE HINDU group of publications Friday, Nov 11, 2005 |
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Corporate
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Overseas Investments Sundram Fasteners may acquire German co Peiner Our Bureau
Chennai , Nov. 10 SUNDRAM Fasteners is likely to acquire a Germany-based fasteners company called Peiner Umformtechnik GmbH. The TVS group company on Thursday announced that it "proposes to enter into an agreement shortly" with Textron Deutschland Beteilingungs GmbH, Bonn, to acquire 100 per cent of its subsidiary, Peiner Umformtechnik. However, company officials have cautioned that there is still some way to go before the deal is finalised. Under German laws, any acquisition move is to be first intimated to the Cartel Office, which puts up the proposals on its Web site. Obliged to disclose the deal to the German authorities, Sundram Fasteners has decided to concurrently make the announcement to Indian investors too. Textron Deutschland is part of Textron Inc, a US-based multinational with revenues of around $10 billion. Peiner Umformtechnik manufactures a wide range of fastener products for the automobile, industrial and construction sectors. The company came into the Textron fold when the US conglomerate acquired it in June 1998 from Peine Maschinen GmbH. If the deal goes through, it will be Sundram Fasteners' second overseas acquisition and second German connection. In 2003, the company bought Cramlington Precision Forge Ltd of the UK, a company that produces bevel gears. Sundram Fasteners' shares closed at Rs 146 on the NSE on Thursday against the previous close of Rs 144.90.
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