Germany-based tool manufacturing company Günther Wirth (GW), a part of the Luxembourg-headquartered carbide specialist Ceratizit, has acquired the remaining 25 per cent of the outstanding shares in Bangalore-based GW Precision Tools India Pvt Ltd, for an undisclosed amount.
The German firm has also acquired its 10 per cent stake in Eifeler India Coating Centre Pvt Ltd.
The acquisition would help the German company provide comprehensive tooling solutions. It will also help the group to further strengthen their presence and activities in the Asian cutting tool market.
“To meet increasing demand for cutting tools in Asia, a market that is driven in particular by the automotive and aerospace industries, we are now entering our next phase of growth in the dynamic and important Indian market,” said Gerhard Bailom, MD, GW.
Bailom will manage GW Precision Tools along with Ashwani Sareen, who is also serving as managing director of Ceratizit India.
GW Precision Tools India currently employs around 120 people in Bangalore and manufactures a range of solid carbide drills, end mills and reamers in standard and special custom designs.
Günther Wirth Hartmetallwerkzeuge GmbH & Co KG manufactures hard metal tools including drills, milling cutters, reamers, core drills and special tools.
Khaitan & Co. acted as the legal counsel to both Günther Wirth and GW Precision Tools India on this deal.
GW’s key shareholder Ceratizit is engaged in the development, production, marketing and selling of cutting tool inserts and tool holders. The firm is presented in over 50 countries.
(Edited by Joby Puthuparampil Johnson)