Friday 18 November 2016

Bharat Forge to buy Walker Forge Tennessee

Auto components major Bharat Forge will buy US based Walker Forge Tennessee (WFT) for $14 Million (around Rs 95 crore), a move aimed at expanding its product range in automotive and other industrial segments.
The acquisition of Walker Forge Tennessee creates a strategic manufacturing footprint in North America to leverage existing customer relationships while simultaneously enabling the company to address new end-market segments and broaden the product portfolio. The proposed acquisition is focused on increasing the company’s product offering in the passenger car and commercial vehicle segments as well into industrial sectors such as construction and mining.

WFT is a leading supplier of complex, steel and high-alloy steel, engine and chassis components to a diverse group of customers across automotive and industrial sectors. The US firm is expected to record revenues of $28 million this year with a balanced revenue mix across the automotive and industrial sectors. The proposed transaction will be consummated upon completion of certain conditions and regulatory approvals.

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