The Sanmar Group, an integrated industrial, shipping and engineering business house, has acquired North American firm Matrix Metals LLC, a portfolio company of Jefferies Capital Partners.
Sanmar executives would not disclose details of the acquisition with respect to the cost or share purchase agreement between the two companies.The company said that the merger will create one of the leading specialty steel casting groups in the world.The deal is funded by a bridge facility provided by Bank of India and State Bank of India.
The deal, which was announced early today, is the result of a close association between the Sanmar Group, headquartered in Chennai, and Matrix’s NEPCO unit, which has sourced castings from Sanmar for many of Matrix’s important customers over the years.
Read more in The Business Standard article.
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