Pricol buys Brazilian auto component maker

Pricol, a manufacturer of automotive instruments and precision engineering products, has announced that it has acquired a Brazilian auto component manufacturer, through its wholly owned subsidiary company. Pricol did not disclosed the name of the acquired company.
 
“The board of directors of the company at the meeting held on December 11, 2014 has proposed to acquire 99.99% of stake in a Brazil based auto component manufacturing company through its wholly owned subsidiary incorporated in Spain,” Pricol said in a BSE statement.
 
The aforesaid company in Brazil achieved sales revenue of Rs 301 crore during the calendar year 2013, according to Pricol.
 
This acquisition, which is expected to be completed by the end of January 2015, will enable Pricol to make a foray into the Brazilian auto component industry.