Pune engineering college acquires Michigan firm
Thursday, 07 December 2006, 18:30 IST
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Mumbai: The Pune-based engineering and automotive components maker RSB Group has acquired a Michigan-based company in the same line of business for $19 million, company officials said. The acquisition of Miller Brothers Manufacturing was completed after five months of negotiations using investment bankers in the US, for which the $100 million RSB Group raised $3 million in the form equity and $13 million as debt from a US-based bank. "The acquisition of Miller Brothers is a critical step towards our vision to become a global industry leader providing customers with converged solutions," said R.K. Behera, chairman of the RSB Group. "With the auto components market growing at an exceedingly fast pace, our focus in recent years has been to expand our presence in new markets and provide wide portfolio of products to help reach out to our global client base," he added. With this acquisition, RSB will have a base near the heart of one of the world's biggest automotive market and gain access across major locations in the US with an increased penetration in the EU as well. Miller's plant is based in south Michigan, close to Detroit. It makes specialty transmission component catering to General Motors, American Axle Manufacturing, Eaton and several other firms under the original equipment manufacture model. It started operations in 1946 with core competency in planetary gear housings and propeller shaft components apart from transmission components using latest CNC equipment and Robotics. It caters mostly to truck, SUV and off-road vehicle category.
Source: IANS
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