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India’s Amtek to Acquire German Machining Firm
Amtek Auto Ltd., a New Delhi-based maker of forged and cast components, has agreed to buy Neumayer Tekfor Group for an undisclosed price.
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Amtek Auto Ltd., a New Delhi-based maker of forged and cast components, has agreed to buy Neumayer Tekfor Group for an undisclosed price.
The companies have been 50:50 partners in a machining joint venture in Haryana, India, since 2005.
The deal, expected to close in May, includes Neumayer Tekfor's nine plants in Europe, Latin America and the U.S., its stake in the Haryana venture and Italian forging unit Officine Meccaniche Villar Perosa.
Amtek says the acquisition will make it a major global manufacturer of engine, chassis and transmission components with more than $2 billion in revenue and more than 50 factories worldwide.
Neumayer Tekfor, a German maker of forged and machined parts, has been seeking a buyer since it entered court-supervised insolvency proceedings last September.
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