PTI: February 11, 2019
New Delhi: Auto component maker Dhoot Transmission Monday said it has acquired Bengaluru-based wire harness and control panel maker, San Electromec for an undisclosed sum.
The Aurangabad-headquartered manufacturer of wiring harness for two-wheelers said the acquisition will help it enhance its portfolio, especially in railways, defence, construction and specialty vehicle segments.
The company, however, did not share financial details and the quantum of stake acquired.
This is the fourth acquisition by Dhoot Transmission after taking over Parkinson Harness Technology (UK), TFC Cable Assemblies (Scotland) and a JV into automotive switches and controllers with Carling Technologies, US.
"With this acquisition, we aim to expand geographically, while adding new capabilities and client markets. It is our endeavour to support the existing San Electromec facility in every way and grow the enterprise as best as we can together," Dhoot Transmission Managing Director, Rahul Dhoot said in a statement.
He further said San Electromec has "tremendous capabilities, product knowledge and long-standing, strong relationships with many of the premier companies in the industry".
The "acquisition helps us create synergies between Parkinson, UK, and San, both being strong players in the off-highway electrical segment; and to harness this synergy we have created Parkinson San Systems Pvt. Ltd," Dhoot added.
San Electromec Managing Director Sanjeev Mehra said the deal will help the company "scale up on the existing client base in harness and control panels, while being supported by strong operations and expertise of Dhoot, coupled with economy of scale benefits that we intend to extend to our clientele".
Dhoot Transmission has 15 manufacturing locations spread over India, United Kingdom, Europe and Thailand. It has presence in wiring harnesses, moulding and tooling for automotive, construction, farming, off-roading, specialty vehicle segment.
San Electromec on the other hand offers solutions ranging from cabling systems, wiring harnesses and control panels and has clients including counts Wirtgen, Volvo, BEML and Tata Motors among others, the statement said.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.