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Elgi Equipments buys US compressor maker Patton’s

Shares of Elgi Equipments rose 2.3% to `89 in morning trade on BSE. (Shares of Elgi Equipments rose 2.3% to `89 in morning trade on BSE. ) — Shares of Elgi Equipments rose 2.3% to `89 in morning trade on BSE.
**(Shares of Elgi Equipments rose 2.3% to `89 in morning trade on BSE. )**

1 min read . Updated: 29 Nov 2012, 02:25 PM IST S. Bridget Leena

Patton’s purchase will give Elgi a strong foothold in a market where it is not present

Chennai: Elgi Equipments Ltd has acquired US-based Patton’s Inc., the Indian company’s second global acquisition of a compressor maker in the past four months. The financial details were not disclosed.

Elgi Equipments informed BSE that its board on Wednesday had approved the acquisition of Charlotte, North Carolina-based Patton’s.

Patton’s is engaged in the distribution and service of industrial and medical compressors with a presence in south eastern US. The purchase will give Elgi access to new technologies and product lines besides a strong foothold in a market where it is not present.

In August, Elgi had bought Italy-based Rotair SpA. The company designs, manufactures and distributes compressors and allied products for construction and industrial activity.

Shares of Elgi Equipments rose 2.3% to ₹ 89 in morning trade on BSE. The benchmark Sensex gained 1.1% to 19,065.65 points.