Plastic and textiles maker Sintex Industries Ltd plans to acquire a composites firm with sales of about $30 million in Europe by March 2008, a top company official said.The company is on the verge of finalising a deal in Europe, where it has been talking to 3-4 companies, managing director Amit Patel said on Tuesday.
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“We do have a presence in the US market, now we are keen to have distribution network in the European market. The acquisition will help us strengthen our technology and network,” he said.
Sintex acquired Wisconsin-based Wausaukee Composites for $20.5 million in June. In 2006 it bought the south Asian operations of Germany’s Zeppelin Mobile System, and is still scouting for more in the plastic composites segment.
“Just in case the deal does not materialise in Europe, we have some companies in US who are interested in having us as acquirers,” Patel said. “The acquisitions will help in building a global presence in the auto and electrical plastic accessories market and add to the company’s consolidated topline as well as bottom line.”
Sintex is also considering buying an Indian composites company by December 2007.
It has set aside Rs 110 crore to be funded through internal accruals for these acquisitions, Patel said.
Read more in The DNA Money article.
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