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Ruia acquires SEALYNX Automotive

Ruia acquires SEALYNX Automotive
PTI
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First Published: Tue, May 17 2011. 07 42 PM IST
Updated: Tue, May 17 2011. 07 42 PM IST
Kolkata: The P K Ruia Group has acquired French automotive sealing company SEALYNX Automotive with plants in France, Romania, Morocco and Tunisia.
SEALYNX Automotive has 981 employees on its rolls and grossed a turnover of €68 million in 2010, a Ruia group statement said on Tuesday.
The value of the deal was, however, not known.
Since the economic meltdown of 2008, SEALYNX Automotive was suffering from financial uncertainties and in December 2010 the commercial court had appointed an administrator to run the company.
“With all these companies, the sealing business of the Group reached a topline of €600 million. The new acquisition will consolidate group’s position as a global leader in automotive sealings,” Ruia Group chairman Pawan K Ruia said.
SEALYNX Automotive serves French OEM majors like Renault, Peugeot-Citroen and Romanian auto-manufacturer Dacia.
Following the acquisition the company has been renamed Ruia SEALYNX SAS, the firm said.
The Ruia Group forayed into the business of automotive sealings in 2008 with acquisitions of Schlegel Automotive in UK followed by Draftex Automotive GmbH of Germany in 2009.
Last week, the Group announced signing binding agreements with Standard Profil AS of Turkey and Meteor Gummiwerke of Germany.
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First Published: Tue, May 17 2011. 07 42 PM IST