Ucal Fuel buys US firm for $28mn

Ucal Fuel Systems has acquired 100% stake in US-based Amtec
Precision Products Inc for $28 million (about Rs 125 crore).

Illinois-based Amtec has two manufacturing plants in Elgin, a suburb of Chicago, and a wholly-owned subsidiary with one manufacturing facility in Rockford, Ucal Fuel said in a release issued to the stock exchanges today.

All the facilities will now come under the Chennai-based Ucal Fuel, and help the company enter the US market, company officials said.

An EGM is being convened on May 4, 2005, to approve the acquisition, they added.

Japan-based Mikuni Corporation, which holds 26% stake in Ucal Fuel system, is the single largest shareholder of the company. Indian promoter Carburettors holds 23.32% stake.