Kanoria Chemicals' Swiss arm acquires Germany's CoSyst Control Systems

APAG Holding AG, the Switzerland-based wholly owned subsidiary of Kanoria Chemicals & Industries Ltd has acquired 100% stake in Nuremberg based (Germany) CoSyst Control Systems GmbH (CoSyst) for a purchase consideration of Euro 640,500. As a part of the transaction APAG Holding will also take over the loan amounting to Euro 209,500 provided by the erstwhile shareholders to CoSyst.
 
“CoSyst is engaged in development of project and customer specific products primarily for automotive electronics and it is strategic fit for APAG’s expanding operation. With this APAG operations will be spread over Switzerland, Czech Republic and Germany,” said Kanoria Chemicals in a BSE filing on April 1, 2015.
 
APAG is also contemplating to have a sales organisation for its existing lines of business in North America by incorporating a wholly owned subsidiary either in USA or in Mexico.
 
Kanoria Chemicals had acquired majority stake in APAG Holding and its wholly owned subsidiary APAG Elektronik AG - which is engaged in development and sale of electronic and other control devices for the automotive, consumer goods, building automation industries - in April 2012 as a part of its diversification strategy.