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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