 Online edition of India's National Newspaper Friday, Jun 03, 2011 ePaper | Mobile/PDA Version |
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CHENNAI: The Sanmar Group said on Thursday that it had sold its auto-centric iron foundries in Germany and India to Bangalore-based Dynamatic Group for an undisclosed sum. According to a spokesperson of the group, the foundries fetched the group revenue of close to euro 100 million (about Rs.648 crore). The Gemrman and Tamil Nadu units together had a workforce of over 450 people, he added. The Sanmar Group, according to a release, entered the business a few years ago following the acquisition of Erla Foundry in Germany. Subsequently, it set up a unit in India. “However, the large investments made subsequently due to unexpected and attractive opportunities arising in the group's core areas such as chemicals and engineering-related steel castings in Egypt and the U.S., respectively, have led to a re-evaluation of this initiative,” the release said. “The exit now is now part of a clear strategy to again concentrate on core activities,” the release added.
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