Mumbai: Indian electrical appliances and capital goods maker Crompton Greaves (CG) has bought U.S.-based QEI for about $30 million in a deal that will allow it to penetrate North American automation market. Mumbai-based CG will pay $24 million upfront, while balance $6 million will be paid as a conditional "earn-out" amount, it said in a notice to stock exchanges. Springfield, New Jersey-based QEI makes products for management of electric transmission and distribution networks. For year ended July 31, 2010, it had revenues of about $12.4 million and EBIDTA (earnings before interest depreciation, taxation and amortization) of $2.35 million. "The acquisition presents a highly scalable opportunity for Crompton Greaves to capitalize upon the distribution automation markets in North America, India and Europe," it said.This is CG's ninth acquisition in past six years, latest being Sweden-based Emotron Group for 57.8 million Euros on May 19. In Jan-March, the firm had posted a six percent decline in net profit to 2.18 billion ($48.21 million), on a net sales of 17.65 billion rupees ($390.4 million). At 10:21 a.m., shares of CG on the National Stock Exchange were 0.04 percent lower at 257.20 in volumes of 116,097 in a Mumbai market that was up 0.83 percent. Year to date, the stock has declined about 17 percent, while the benchmark BSE 30 share. Sensex fell about 11 percent. According to Thomson Reuters Starmine, 11 out of 24 analysts covering the stock have a 'strong buy' rating and nine have a 'buy', with a mean target price of 299.68.