Swiss firm Winterthur buys 40% in Wendt India

Swiss company Winterthur Technologie AG, which bought out Wendt India's German promoter, has acquired 40% stake in the domestic firm.

Winterthur Technologie has acquired 8,00,327 equity shares of Wendt India, which were earlier held by the Germany-based Wendt Holding GmbH, the company said in a communique to the Bombay Stock Exchange.

The Wendt Group produces tools coated with diamond and cubic boron nitride (CBN) as well as tool-grinding machineries in Germany, Switzerland, Belgium, the US and Russia. It held 40% stake in the publicly listed Wendt India.

According to a release on Winterthur Technologie's website stated that it has acquired all Wendt shares at euro 99 million as well as the company's net financial debts at euro 32 million and provisions amounting to euro 22 million.