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MACHINIST - Elecon set to acquire Benzlers Radicon Group from David Brown Gear Systems

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Home arrow News arrow Mergers and Acquisitions arrow Elecon set to acquire Benzlers Radicon Group from David Brown Gear Systems

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Elecon set to acquire Benzlers Radicon Group from David Brown Gear Systems
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Written by Ramanathan   
Friday, 29 October 2010

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Mumbai: Elecon Engineering Company Limited, a manufacturer of Material Handling Equipments, Industrial Gears and Transmission Products, has agreed to acquire the Benzler - Radicon Group of businesses from David Brown Gear Systems Group for 18.4 million pounds (approximately Rs 1.289 billion).

The acquisition includes 100% share holding of David Brown Systems Sweden AB (the Benzlers business), The Applied products division i.e. RADICON, of David Brown Gear Systems, UK and Certain assets of the gear motor business of Cone Drive Inc USA. The gross value of 100% stake of these businesses as a going-concern on a debt and cash free basis is GBP 18.40 mn.

In addition to this Power Build Transmission International Ltd., Mauritius, a 100% SPV of Power Build Ltd., a group company of Elecon Engineering Company Ltd, has also executed Sale and Purchase agreement (SPA) with David Brown Systems ( Holding ) S.a.r.l, to acquire 100% stake of David Brown Systems (Thailand) Ltd for around 3 million pounds (around Rs 210.32 million).

The company had been looking to acquire engineering firms in Western Europe and USA since 2009. The acquisition plans were delayed due to the slowdown.

Commenting on the acquisition, Prayasvin Patel, Chairman and Managing Director, Elecon Engineering Group said, "This is our first international acquisition and yet another milestone in our company's long-term growth strategy. The combination of strong brands, clear growth plans and a world class supply-chain will enhance compelling value-added growth potential for Elecon. The BR Group's business complements our product portfolio and will strengthen our presence in the global market."

Prashant Amin, Group Director, Elecon Group said, "This strategic acquisition of BR Group gives us a great platform to announce Elecon's presence on the world stage. Being the largest industrial gear manufacturing company in Asia this acquisition also gives us added benefits in having a global presence and footprint, getting a leading brand recognition, a chance to venture in the new business segments globally, developing engineering excellence through knowledge sharing, having significant site ownership and intellectual property rights apart from having other commercial advantages."

D M Patel, whole time Director, Power build Ltd said, "We have been associated with David Brown Gear System since 2003 and the acquisition of David Brown Systems (Thailand) Ltd, gives us a great platform for development. We are looking out for long term development through knowledge sharing in terms of engineering solutions and process engineering. Being one of the pioneers in the manufacturing of geared motors in India, this acquisition will also help us to climb faster on the growth trajectory we have for the company as we will have a bigger market with developed channels to push our products through."

Neville Vickery, General Manager at David Brown's Benzlers-Radicon business comments on the sale to Elecon Engineering Company Ltd (Elecon) saying, "We are delighted to be part of Elecon, which is a highly reputable global business. The Benzlers-Radicon Group has seen profitable growth over recent years and being part of Elecon will allow us to continue on this journey. This is a great strategic fit for our business - Benzlers and Radicon are internationally recognised brands with an established footprint in the Western Hemisphere, and Elecon has a sound reputation for gear transmission design and manufacture, as well as excellent supply chain resources."

"There is also very good alignment between the businesses with a shared focus on delivering excellent customer service and global growth. I am confident and excited that through the development of our complementary strengths, the Benzlers-Radicon Group will able to both further develop its expertise in the standard products market for transmission systems and increase the breadth and depth of new products and services", he added.

Earlier David Brown Group of the United Kingdom was acquired by Textron Inc. and joined Cone Drive as part of Textron Industrial Gears. Then Textron Inc had acquired AB Benzlers of Sweden. AB Benzlers was then joined with the Cone Drive and David Brown businesses to form Gear Technologies. The old gear technology division of Textron incorporating Cone Drive, Benzlers and David Brown was bought by Clyde Blowers in September 2008.

Cone Drive, with products including Worm Gear, Servo drive, Gear motors, flexible couplings, industrial gearbox, supports industries like Packaging, Steel, Food and Beverage, Pulp and paper, mining, machine tools, Custom and special machinery.

Elecon International Ltd., (Mauritius), a 100% SPV of Elecon Engineering Company ; Elecon UK Transmission Ltd., a wholly owned subsidiary of Elecon Transmission International Ltd.; and Elecon USA Transmission Ltd., a wholly owned subsidiary of Elecon UK Transmission Ltd. executed a sale and purchase agreement with David Brown Systems S.a.r.l ; David Brown Gear Systems Ltd. ; and Cone Drive Operations Inc. for the acquisition.

Elecon, which is one of the leading players in power transmission products, material handling equipment and mining equipment, caters to the needs of various sectors like steel, fertilizers, cement, coal, lignite and iron ore mines, sugar, power stations and port mechanization in India and abroad.

This acquisition will now strengthen Elecon's product development and engineering capabilities and widen its customer base in European, North American & Scandinavian countries. By combining engineering excellence with BR group, Elecon will now be able to bring the advantages of economies of scale in the manufacturing processes and reduce costs across the supply chain. Elecon will continue to delight customers by offering applied engineered products and improve profitability.

The company also announced its unaudited financial results for the quarter ended 30th September, 2010. The company has recorded a turnover of Rs 14.2 crore as against Rs 10.7 crore in the previous year, representing a growth of 32.71%.

Last Updated ( Monday, 01 November 2010 )
 
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