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Home arrow News arrow Mergers and Acquisitions arrow Amtek Auto acquires UK-based Triplex-Ketlon Group
Amtek Auto acquires UK-based Triplex-Ketlon Group Print E-mail
Written by Arjun   
Thursday, 08 November 2007
Mumbai : Auto ancillary manufacturer Amtek Auto today said it has acquired UK-based Triplex-Ketlon Group for an undisclosed amount to expand its customer base and product portfolio.

Amtek has acquired the automotive precision machining company, Triplex-Ketlon Group, which runs 185 different machining lines, the company said in a communique to the Bombay Stock Exchange.
The revenue of the Triplex-Ketlon Group stood at 152 million dollar per annum. The acquisition further consolidates the position of Amtek's presence in Europe's automotive scene, the company added.

With this acquisition, the combined operations of Amtek increased in size to more than 650 million dollar per annum in UK alone. The combined sales revenue of the Amtek's overseas operations, with the German machining operations at Zelter and the Midwest Manufacturing in USA, stood at about 770 million dollar.

This acquisition further consolidates the position of Amtek presence in Europe`s automotive scene and makes Amtek`s combined precision machining operations the largest in the UK, the company said.

Amtek has drawn up an integration plan for this acquisition which will bring in considerable cost savings due to variable and fixed cost synergies, besides providing Amtek and entry into new customers like Honda and Toyota in the UK as also some non automotive customers.

The company is targeting its overseas sales revenue to cross 1 billion dollar within the next 2 years through this acquisition, Amtek said.

The acquisition would also increase the scope and possibility of additional outsourcing opportunities worth 100 million dollar for Amtek's forging and iron casting and aluminium die-casting operations in India, it informed.

This is in line with Amtek's strategy of expanding its forging, iron and aluminium casting capacities in India over the last two years at a cost of over Rs 500 crore for meeting the captive demand for forgings and castings of Amtek's overseas operations, the company added.

Amtek currently has two large precision machining facilities in Coventry and Letchworth in the UK besides their machining operations in India and Germany.

The main products of this company include ladder frames, engine and transmission covers, steering knuckles, flywheel assemblies, exhaust and intake manifolds, wheel hubs & flanges, brake discs, pulleys, piston, hydraulic actuators, gear box housings and most important gears, shafts and sprockets.

Shares of Amtek Auto were trading at Rs 450.05, down 0.22 per cent in the morning trade on the BSE.
 
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