Bharat Forge acquires Walker Forge & PMT Holding for $ 14 mn

Bharat Forge Ltd, one of the leading players in forging industry, has acquired the US-based Walker Forge Tennessee LLC (WFT) along with PMT Holding Inc, which holds 18 percent in WFT, for a total consideration of $ 14 million.

Walker Forge Tennessee is a leading supplier of complex, steel and high-alloy steel, engine & chassis components to a diverse group of customers across automotive & industrial sectors. WFT is expected to record revenues of $ 28 million in CY 2016 with a balanced revenue mix across the automotive & industrial sectors.

This proposed acquisition will help Bharat Forge to focus on establishing manufacturing footprint in North America and on increasing our product offering into the passenger car and commercial vehicle segments as well into industrial sectors such as construction & mining and allied industries. It will also enable the company to expand its presence in North America. The proposed transaction will be consummated upon completion of certain conditions precedent and regulatory approvals.

Baba Kalyani, chairman and managing director of Bharat Forge Ltd, said, “The acquisition of Walker Forge Tennessee creates a strategic manufacturing footprint in North America to leverage our existing customer relationships while simultaneously enabling the company to address new end market segments and broaden the product portfolio.”