Register to Subscribe

Home arrow News arrow Mergers and Acquisitions arrow Tube Investments of India acquires majority stake in Sedis, France
Tube Investments of India acquires majority stake in Sedis, France Print E-mail
Written by Rajesh   
Tuesday, 16 February 2010
Chennai: Tube Investments of India (TII), a Murugappa Group company has acquired a controlling stake in Sedis Group, a manufacturer of Industrial and Engineering Class Chains in France, through acquisition of 77% of equity of its holding company, Financiere C10.

Sedis possesses superior technology for manufacture of special and engineering class chains and this acquisition will enable TII to access these technologies and make products that are today being imported into the country.

"This acquisition by TII symbolises our dynamism in today’s global business arena. With Sedis we aspire to create a strong European base which, together with our skills, will put us on the path to becoming a global industrial chains manufacturer," said M M Murugappan, Chairman TII.

"The synergies from this acquisition will not only help us enter new technologies and strengthen our existing technological expertise but also help us emerge as a leading global player in the industrial chains business. With this acquisition, we will be able to offer the requisite technical skills and a complete range of products to meet the requirements of our customers both in the Indian & global markets," said L. Ramkumar, Managing Director of TII.

TII acquired this shareholding directly from the financial investors in FC 10 (75%) and a few other shareholders. The management shareholders will continue to hold the remaining shares in FC 10 and be associated with Sedis for a period of three years. Kotak Investment Banking, Mumbai was the financial advisor to TII in the transaction.

Sedis possesses a product range covering the requirements of a whole range of industries including the high growth infrastructure sector. It's client list includes names such as Lafarge, Charles De Gaulle airport, BAA Heathrow, Metronet, Cairo Metro, Kone, Otis, Schindler etc.

Sedis is headed by Robert Armand. The turnover of Sedis Group was Euro 37 M for the year 2008 and the profit after tax was Euro 1.35 M. During the first nine months of calendar year 2009 the revenue was at Euro 21 M and the profit after tax was Euro 0.55 M.

"We have been associated with the Murugappa Group for last 9 years. Over these years we have seen the relationship grow on the back of very qualitative, transparent and fair dealings. The values of the Murugappa Group and their commitment to growing the business have been the key considerations in fostering this relationship. We are happy we have been able to come together and look forward to work with TII to combine the technical skills, market reach and engineering excellence to grow the chains business of both the Companies," said Robert Armand, the CEO of Sedis.

Sedis has a presence in almost 100 countries through it's distribution and sales network. It has two plants in France and a marketing company in the United Kingdom.

Related news
More recent
Earlier on
< Prev   Next >


Mazak - The world's largest machine tool builder
JYOTI - India's most dynamic machine builder
TaeguTec - Cost effective tooling solutions





Subscribe to MACHINIST by Email


RSS 1.0
This site is best viewed with Firefox 2.0 or higher at a minimum screen resolution of 1024x768