Thane-based Windsor Machines is acquiring Italian auto component firm Italtech through an overseas joint venture Wintech S.r.l. for an undisclosed amount, as per a stock market disclosure.
Windsor’s wholly owned Dutch arm Wintech B.V. will hold 80 per cent stake in Wintech while the remaining 20 per cent stake will be held by its Italian joint venture partner Geoplast S.p.a. Wintech in turn will acquire Italtech, an existing technology partner for Windsor.
Italtech manufactures injection moulding machines for moulding of plastics. It is the owner of ‘Two-Platen’ technology used extensively in the injection moulding industry, especially for production of large size plastic components for automobiles. Its clientele portfolio includes Fiat, Renault, Nissan and their tier I vendors.
This acquisition will enable Windsor to upgrade and develop advanced technology machines to meet European standards and also provide access to the global auto majors who are setting up their operation in India.
Windsor Machines was set up in 1964 under collaboration from R.H. Windsor of U.K. In 1984, it became a part of worldwide operations of Klockner-Werke, Germany and renamed as Klockner Windsor India Limited. It was acquired by Dilip Piramal (of VIP Group) in 1994 and later renamed as Windsor Machines.
The firm came under Kundalias few years ago and has become a key player in the plastic processing machinery industry.