Livemint: March 18, 2015
Mumbai: Amtek Auto Ltd, a maker of automobile parts, has acquired Germany’s Scholz Edelstahl GmbH through its 100% Singapore-based subsidiary Amtek Precision Engineering Pte. Ltd for an undisclosed amount, the Indian firm informed the stock exchange on Tuesday.
Scholz is a high-quality hot die forgings manufacturer for the auto and non-auto component industries, it said in a statement.
Scholz is also engaged in the special steel-trading business, which will enable backward integration with all of Amtek Group’s international business, acoording to Amtek Auto.
The Economic Times first reported the development on Tuesday.
In November last year, the company had agreed to acquire two European and one southeastern auto and non-auto component companies. Those companies had a combined sales in excess of Rs.2,000 crore.
At 9.46 am, Amtek’s shares were trading at Rs.153.60, up 3.30% from its opening whereas the benchmark S&P BSE Sensex was trading at 28,586.72 points, up 0.52%.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.