Electrical equipment maker Crompton Greaves today said it has acquired the US-based firm QEI Inc for $30 million (around Rs 135 crore).
"The enterprise value of this acquisition is equivalent to $30 million comprising of an upfront payment of $24 million followed by balance of USD 6 million to be paid as a conditional earn-out amount," Crompton Greaves said in a filing to Bombay Stock Exchange (BSE).
QEI, which makes automation systems and electric transmission management products, is based in New Jersey.
The acquisition will help Crompton Greaves in penetrating the North American automation market by using QEI's customer references, it said.
This is the ninth acquisition in a span of six years by Crompton Greaves, including MSE Power Systems in 2008 and Power Technology Solutions in 2010.
Earlier this month, the company had acquired Sweden-based Emotron Group for 57.8 million euro.
