Autoline Industries Ltd, a Pune-based auto parts manufacturer, is selling its US-based wholly-owned subsidiary Autoline Industries Inc for $8.5 million, as per a stock market disclosure. The company did not disclose the name of the buyer.
With reference to the earlier announcement dated September 1, 2014 for disposal of assets/divestment of stock/share of Autoline Industries Inc, the board of directors of the company has now accepted the letter of intent received on September 13, 2014 from a prospective buyer for purchase of 100 per cent stake in Autoline Industries Inc, the company said in the filing.
In December 2007, Autoline Industries acquired manufacturing operations, business and associated assets of the jack and tool kit business of the US-based Dura Automotive Systems Inc. It produces automotive bottle jacks, scissor jacks and related products for automotive jack tool kits. The jack and tool kit business capabilities also include metal stamping, powder coat paint and assembly.
With this acquisition, the company had also acquired a 1,40,000 sq ft manufacturing facility in the US as well as eight US patents, and over 30 proprietary designs for jacks and tool-kit products.
Founded in 1996, Autoline Industries manufactures and designs various auto parts such as sheet metal components for passenger cars, sports utility vehicles, commercial vehicles, two wheelers, three wheelers and tractors. It mainly operates in two segments—press sheet auto components and assemblies.
Autoline went public in 2007; it has acquired US-based Detroit Engineered Products, 51 per cent stake in Stokota NV, a special vehicle manufacturer and stakes in Italian companies SZ Design S.r.l and Zagato S.r.l.
(Edited by Joby Puthuparampil Johnson)