Sintex Industries has announced the acquisition of US-based Wausaukee Composites Inc (WCI), manufacturer of engineered composite components for original equipment manufacturers (OEMs) in an all-cash transaction. |
The acquisition has been made through its US-based, downstream subsidiary, Sintex Holding US, Inc for a total enterprise value of $20.5 million. |
|
Sintex shall acquire 81 per cent majority stake of Wausaukee in first tranche and the balance would be acquired subsequently based on an earn-out approach. |
|
The acquisition has been undertaken by Sintex for expansion of its product portfolio as well as widening its presence in the auto components business both in India and the US. |
|
Sintex plans to leverage its low cost manufacturing skills and technology in producing some of Wausaukee's products in India. |
|
WCI has presence in sectors including medical imaging, mass transportation, electrical components, auto components and engineering plastics. |
|
"The acquisition represents the commencement of our building a global presence in the international auto and electrical plastic accessories market. Wausaukee Composites Inc is a consistently profit-making company, with a portfolio of established products that have tremendous growth potential," said Amit Patel, Managing Director, Sintex Industries. |
|
|
|