2/21/2011 11:23:00 AM
NEWS BRIEFS
India Firm Acquires Acument’s German Operations
Acument Germany’s Neuss facility, which will serve as the headquarters of Ruia Fasteners Group AG
Ruia Group announced the acquisition of Germany-based Acument GmbH & Co KG, an automotive fasteners manufacturer, the Hindustan Times reports.
“In October-November last year, four bidders tried to acquire Acument, whose board of directors filed for insolvency in 2009, as the company incurred a loss of 40 million Euro in 2008 following the global economic meltdown,” according to the Times.
Acument, which produces such high precision fasteners as long shafted bolts, hexagonal screws, nuts and forged parts, has a 15% market share in Europe’s fastener segment. Before insolvency, the company reportedly posted a turnover of EUR 800 million.
Ruia acquired Acument’s four plants in Neuss, Beckingen, Neuwied and Schorzberg, as well as its logistic centre in Koln.
“Our investment will be 4 million Euro in the company and we expect that the company’s turnover would be 200 million Euro this year,” group chairman Pawan K Ruia told reporters.
The company intends to import fastener products to India from Germany.
“We have no plan to shift the company here,” Ruia stated. “We will be looking for additional manufacturing facilities in India.”
Ruia noted that India’s auto component stands at US$26 billion, and is expected to increase five-fold by 2020. ©2011 GlobalFastenerNews.com
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