BackAmtek India stock surges 20% on closure of Kuepper deal
Amtek India bought the Kuepper group in December for 50 million
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Mumbai: Amtek India Ltd rallied to a four-month high on BSE on Tuesday on news of it completing the acquisition of the Germany-based Kuepper group of companies.
The stock rose nearly 20% to close at ₹ 77.50 on BSE while the Sensex inched up 0.10% to 21,832.61 points. The announcement was made on Friday and the stock exchanges were closed on Monday on account of the Holi festival.
Amtek India, the Amtek group firm that makes iron casting parts for automobile firms, bought the Kuepper group in December for €50 million ( ₹ 425 crore today). The transaction was financed through cash accruals.
Kuepper manufactures both iron and aluminium die cast products and has a product portfolio that includes high quality turbo charger castings, turbo modules, turbo housings, and transmission parts.
The acquisition places the New Delhi-based Amtek group among the world’s top three suppliers of cast and machined turbocharger housings, with a 20% share of the world market, said Gautam Malhotra, joint managing director at Amtek India.
Helped by a spate of recent acquisitions, Amtek group plans to become a $4 billion firm from a $2.4 billion company now, according to a presentation on the company’s website.
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