4/8/2016 12:01:00 AM
NEWS BRIEFS
Sundram Fasteners Restructures Int’l Operations
Sundram Fasteners Ltd., part of $6.5 billion TVS Group company, has decided to restructure its international operations to maximize revenue potential, the Business Standard of India reports.
“While divesting its stake in its German subsidiary, Sundram Fasteners has created a new subsidiary Sundram International Ltd. for potential acquisitions” according to the Business Standard.
The Chinese company Sundram Fasteners (Zhejiang) Ltd. and the UK subsidiary Carmlington Precision Forge Ltd. have become subsidiaries of Sundram International Ltd. The new UK subsidiary will be used for acquisitions — primarily technology.
Sundram has decided to sell its German subsidiary, which reportedly never recovered from the hit it tood during the 2008 global recession. Peiner Umformtechnik GmbH, TVS Peiner Services, GmbH and PUT Grundstucks GmbH, (Peiner) have been acquired by AURORA Hanse Industriekapital-Beteiligungs GmbH (Hanse).
“The divestiture of the German subsidiary will go a long way in strengthening the balance sheet of Sundram Fasteners,” said the company.
In 2015 India-based Sundram Fasteners acquired 49.16% of equity share capital of TVS Infotech, roughly doubling its stake in the firm.
TVS Infotech holds 100% equity stake in Michigan-based TVS Infotech Inc., an IT company that provides services for core industries like manufacturing, automotive and distribution.
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