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Home arrow Business News arrow Bharat Fritz Werner acquires majority stake in Matec Machunenbau GmBH
Bharat Fritz Werner acquires majority stake in Matec Machunenbau GmBH Print E-mail
Written by Arjun   
Thursday, 13 October 2011
Bangalore: Bharat Fritz Werner, the Bangalore based machine tool builder, has acquired a majority stake in Matec Machunenbau GmBH, a German machine tool manufacturer based in Köngen. An agreement to this effect was signed recently.

Erich Unger, the founding chief of Matec, informed journalists that the two companies were in touch for several years before signing on the dotted line. Founded about 20 years ago, Matec employs 160 personnel, and has production facilities spread over 3,000 square metre of land. He said that his advancing age and the absence of a successor forced the decision.

The BFW vice chairman, Mr SN Mishra, said that BFW would prefer to create least ripples – Mr Unger will continue as managing director, and Matec will continue to sport individual identity. Having been incorporated with German techno-commercial collaboration, BFW is well aware of German work ethics and respects the sentiments of Matec employees, customers and vendors, said Mr Mishra.

The transaction is expected to be completed by the end of the third quarter of 2011. "Matec being a technology driven company, will give BFW access to some innovative technologies," said Sailesh Seth, Director, BFW.

BFW also announced an agreement it signed with Spinner Werkzeugmaschinenfabrik Gmbh of Germany to sell their entire range of turning machines, turn mill centers and machining centers in India.

Spinner’s director, Axel Spinner, and BFW's vice chairman, Mr SN Mishra, said that the decision to sell and service all Spinner products in India only through BFW far exceeds just a distribution realignment, and is actually a strategic alliance between the two companies. Mr Spinner said that the alliance meets the critical need to fully develop the Spinner potential in one of the ‘key’ markets in the world. The alliance came in force from September 01, 2011.

 
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