Sundram Fasteners buys overseas firm

By SiliconIndia   |   Monday, 22 December 2003, 08:00 Hrs
Printer Print Email Email
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 ( 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.

Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..