Online edition of India's National Newspaper
Friday, Nov 11, 2005
Online edition of India's National Newspaper Friday, Nov 11, 2005 |
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Special Correspondent
Deal may be completed by December Peiner makes a wide range of fasteners SFL keen to complement Peiner in serving clients in Europe
CHENNAI: Sundram Fasteners Ltd. (SFL) is planning to enter into an agreement with Textron Deutschland Beteilingungs GmbH, Bonn, to acquire 100 per cent share capital of its subsidiary company, Peiner Umformtechnik GmbH, Peine, Germany (Peiner). The proposal is subject to the approval of government authorities under German Cartel Regulations, SFL said in a notification to the Bombay Stock Exchange. Peiner manufactures a wide range of fastener products catering to the automobile, industrial and construction sectors. ICICI Securities is the advisor to the company on this transaction. According to V. Jagannathan, President (Finance) of SFL, Peiner is "a reasonably sized company." Stating that it was premature to say anything at this point, Mr. Jagannathan said, "we have submitted our proposal to the German Cartel Regulations authorities.'' Nevertheless, he said SFL was looking at the German firm from the point of view of its customer base. Should the deal go through, SFL was looking to complement Peiner in serving its clients in Germany as well in Europe, he added. Mr. Jagannathan hoped that the acquisition would be completed by December. It all depended on how quickly the German Cartel Regulations authorities clear the deal, he said. SFL already has a German connection. It has tied up with Bleistahl Produktions GmhH to float a joint venture called Sundram Bleistahl Pvt. Ltd. The Hosur plant of the joint venture is expected to go on stream next month. SFL, it may be recalled, had acquired Dana Spicer Europe's precision forgings business at Cramlington, U.K., in 2004. "It is breaking even and is not biting into our pockets,'' Mr. Jagannathan said. SFL was the first engineering company in India to venture into China to set up a greenfield project.
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