Sundram Fasteners buys overseas firm

By SiliconIndia   |   Monday, 22 December 2003, 08:00 Hrs
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MUMBAI: Cramlington Precision Forge Ltd (CPFL), a 100 per cent subsidiary of Sundram Fasteners Ltd, has acquired the precision forgings business of Dana Spicer Europe Ltd (DSEL) for £1.5 million, the Bombay Stock Exchange (BSE) said on Monday.

The business hopes to achieve sales of £6 million in two years, a posting on the BSE Website (www.bseindia.com) said.

The deal includes a definitive supply agreement whereby Dana Automocion, an associate of DSEL, would continue to source its existing requirement for precision forgings from Cramlington facility for a specified period of time.

The business has achieved sales of over £3 million during the 11 months ended November 30, 2003 and has been running profitably, the BSE said.

Sundram Fasteners had initially invested £1.7 pounds in the capital of CPFL.



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