Mumbai: Auto ancillary manufacturer Amtek Auto on Wednesday said it has acquired UK-based Triplex-Ketlon Group for an undisclosed amount to expand its customer base and product portfolio.
Amtek has acquired the automotive precision machining company, Triplex-Ketlon Group, which runs 185 different machining lines, the company said in a communiqué to the Bombay Stock Exchange.
The revenue of the Triplex-Ketlon Group stood at $152 million per annum. The acquisition further consolidates the position of Amtek’s presence in Europe’s automotive scene, the company added.
With this acquisition, the combined operations of Amtek increased in size to more than $650 million per annum in UK alone. The combined sales revenue of the Amtek’s overseas operations, with the German machining operations at Zelter and the Midwest Manufacturing in USA, stood at about $770 million.
The company is targeting its overseas sales revenue to cross $1 billion within the next 2 years through this acquisition, Amtek said.
The acquisition would also increase the scope and possibility of additional outsourcing opportunities worth $100 million for Amtek’s forging and iron casting and aluminium die-casting operations in India, it informed.
This is in line with Amtek’s strategy of expanding its forging, iron and aluminium casting capacities in India over the last two years at a cost of over Rs500 crore for meeting the captive demand for forgings and castings of Amtek’s overseas operations, the company added.
Shares of Amtek Auto were trading at Rs450.05, down 0.22% in the morning trade on the BSE.