Ruia Group today said it has acquired two European sealing companies, having combined turnover of $570 million and employ about 6,000 workers, for an undisclosed sum.
"We have signed binding agreements with Germany-based Meteor Gummiwerke KH Badje GmBH & Co and Turkey-based Standard Profil AS," Ruia Group Chairman Pawan K Ruia said here.
The acquisitions are in line with the group's focus in automotive components, he said adding the company had already forayed into auto fasterners last year buying out a German company.
The process of acquisitions would be completed by the third quarter of 2011, he said and these two takeovers will offer Ruia to enter the US, Czech Republic, Turkey, Bulgaria and South African markets in auto components.
The Ruia group has already acquired two other sealing companies - one in the UK and another in Germany. With the new acquisition the combined turnover from sealing companies would be $750 million.
Ruia Group acquired Standard Profil from London PE fund and Meteor was acquired from a trustee.
Ruia said he was considering creating a holding company for sealing business at a later date and have operational synergy to improve the bottomline of the segment.
