Automotive component supplier Amtek India Ltd has acquired Germany's Kuepper Group of companies for an undisclosed amount through its wholly-owned subsidiary Amtek Kuepper GmBH, according to a stock market disclosure.
Previously the firm said it has entered into an agreement for the acquisition which brings under its fold iron, aluminium casting and integrated machining with five manufacturing facilities across Germany and Hungary.
Kuepper is involved in supplying machined castings to the automotive industry with customers such as BMW, Daimler, Renault Nissan and Volkswagen. The deal would provide Amtek further inroads as a supplier to European automobile makers.
Shares of Amtek India rallied over 12 per cent on the BSE in early trades on Tuesday. Amtek India’s parent Amtek Auto also surged over 7 per cent on Tuesday morning in a strong Mumbai market.
This is the third acquisition for Amtek as a group within a year. Last year Amtek Auto acquired business interests of Germany’s Neumayer Tekfor Group for an undisclosed amount. The acquired business has annual revenues of around €500 million ($650 million or Rs 3,500 crore).
Back home, it also acquired a majority stake in another public listed auto component maker JMT Auto.
Founded in 1985, Gurgaon-based Amtek Auto manufactures automotive components and assemblies, iron, gravity and aluminium castings, forgings, complex machining, ring gears and flywheel assembly. It owns over 70 per cent in Amtek India.
Currently, Amtek Group, along with its subsidiaries, operates around 60 facilities in India, the UK, Germany, Brazil, Italy, Mexico, Russia and the US.
Last month, Warburg Pincus, one of the private equity investors of Amtek Auto, part-exited the company with a huge haircut.
(Edited by Joby Puthuparampil Johnson)