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Sterling Tools Ltd enters into JV with Netherlands based FABORY
Written by Anand   
Thursday, 10 December 2009
Mumbai: Sterling Tools Limited (Sterling), a manufacturer of high tensile cold forged fasteners primarily focused on the Indian Automotive industry, has entered into a joint venture with Netherlands headquartered Borstlap Masters in Fasteners Group B.V,(FABORY). The JV aims to capitalize on the fast growing demand for non-automotive fasteners in the emerging markets in South Asia.

The JV will be incorporated during Q1 of 2010 and plans to trade under the brand name of “Sterling FABORY”. Sterling and FABORY will hold an equal (50%) stake in the JV.

Sterling FABORY will operate from a Greenfield facility at Faridabad. The JV will act as the exclusive distributor and value added services provider of the FABORY product range in South Asia. Sterling's manufacturing facility is located at Faridabad.

"The JV with FABORY, a leading global supplier of fasteners, marks an important milestone in our journey to diversify into supply chain management of non-automotive fasteners. In particular in the areas of global sourcing and supply chain management we expect to gain a lot of experience from this JV with FABORY," said Atul Aggarwal, Director, Sterling Tools Limited.

"The JV with Sterling, a leading Indian supplier of automotive fasteners, provides us with an excellent partner to distribute our complimentary product and services to the fast growing Indian market and support our global customers which are significantly increasing their activity level in India and require the type of local support which the JV will provide," said Oswald van den Belt, CEO, FABORY.

FABORY has more than 110 branches and is present across 16 countries. The company is a leading global distributor, technical service provider and supply chain and vendor management provider of fasteners, tools, and industrial supplies.

Sterling Tools Limited registered revenues of INR 1,513 million for the financial year ending 31 March 2009.

 
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