Denmark-based FLSmidth & Co. A/S has acquired 100 per cent stake in Transweigh India Ltd for an undisclosed sum, the company has said in a statement. Prior to the acquisition, FLSmidth held a minority stake in the Indian company.
The acquisition will help FLSmidth PFister GmbH (a product company of the FLSmidth Group) strengthen its ability to provide a full range of feeding equipment at competitive pricing.
Transweigh is a supplier of gravimetric feeding equipment and mainly caters to steel, iron and cement industries. The company also markets and sells FLSmidth PFister’s leading fuel feeder product range in India. Transweigh was incepted in 1987 as a joint venture with PFister, Germany, which was later acquired by FLSmidth. Transweigh’s head office and production facilities are located in Mumbai and the company now employs around 300 people.
“Transweigh has a well-equipped sales force and provides FLSmidth with direct access to the customers in the important Indian market. It is a long-term partner of FLSmidth PFister and holds valuable knowhow regarding feeding technology and material handling, which we may now also turn to good account outside India,” group CEO Jrgen Huno Rasmussen commented on the acquisition.
Based in Copenhagen (Denmark), FLSmidth employs around 11,000 people worldwide. The company caters to global cement and minerals industries, and provides plants, machinery, services and know-how. In 2010, the group’s revenues were DKK 20.19 billion or over Rs 18,700 crore.