Sunningdale Tech Ltd (Sunningdale Tech) is planning to acquire 100% stake in Anchorage Singapore Holdings Pte Ltd (ASH), the ultimate holding company of First Engineering Limited (FEL), along with a facility in Chennai. The deal is estimated to be $80 million.
The Chennai facility of FEL manufacture precision engineering products through First Engineering Plastics India Pvt Ltd, which was established in 2005 at Kancheepuram district of Tamil Nadu.
"This transaction will not only expand our Group's blue chip customer base and widen our product mix offering, but also further strengthen our existing footprint and give us immediate access to the Indian market.
Last but not least, the combined talent from both businesses will create one of the largest precision plastic companies in Asia, and put us on a new higher level", Khoo Boo Hor, the Chief Executive Officer of Sunningdale Tech was quoted in the release.
Quoting Sunningdale spokesperso PTI reported that FEL's manufacturing facility in Chennai would provide an immediate access to the Indian market when the acquisition completed in the fourth quarter of this year. "Currently, we do not have presence in India but we sell tools made in Sunningdale plants globally to Indian customers," the spokesperson told PTI.
Spread over in 35,000 sq ft inside the Sipcot Industrial Park, Irrungattukottai, Sriperumbudur, Kancheepuram District, the facility manufacture precision Plastic Injection Molding, Mold Design & Fabrication, Decorative & Spray Painting.
