Indian supplier group Amtek Auto has acquired the Germany-based turbocharger housings manufacturer Zelter GmbH. The acquisition, to be undertaken in two phases, will cost Amtek Auto about €30 million.
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Zelter claims to be one of the three largest manufacturers of turbocharger housings in the world and had a turnover of €110 million in 2004.
In the first phase of the acquisition, Amtek Auto will acquire 70% of Zelter through its wholly-owned German arm, Amtek Deutschland GmbH.
In the second phase, Amtek will acquire the remaining 30% over the next three years.
Zelter is a supplier to Ford, Audi, Volkswagen, BorgWarner, Honeywell, Hasenclever & Sohn, Dieckerhoff, Schubert & Sulzer and Visteon. The company has two manufacturing facilities at Henef, near Cologne.
The acquisition of Zelter will add INR7 billion to the annual revenue of Amtek Auto, which currently has a turnover of more than INR20 billion and claims to be India’s largest component manufacturer group.
The acquisition will also help Amtek to consolidate in continental Europe. The company already has a significant presence in the UK and US markets, made through acquisitions.
In October 2003, Amtek acquired UK based GWK Automotive for €3.2 million. Earlier, in August 2003, it acquired Lloyd (Brierly Hill) for an undisclosed price.
In December 2002, Amtek acquired US-based Smith Jones Inc, a manufacturer of flywheel ring gears, for $US 20 million.
Deepesh Rathore / Tilak Swarup
