Sintex Industries takes over second US firm
Sintex Industries Ltd announces that Wausaukee Composites Inc, its subsidiary based in the US, has acquired its competitor Nero Plastics Inc.business Updated: Dec 04, 2007 17:19 IST
Sintex Industries Ltd announced on Tuesday that Wausaukee Composites Inc (WCI), its subsidiary based in Michigan, US, has acquired its competitor, Nero Plastics Inc, also based in Michigan.
Commenting on the acquisition, Amit Patel, managing director of Sintex, said: "This acquisition represents a significant step towards consolidating our position in the US plastic composite market."
Sintex is a leader in plastics and textiles, with operations in India and the US. The company acquired majority interest in Wausaukee Composites in June this year.
This strategic acquisition strengthens WCI's position as a premier manufacturer of highly engineered structural plastic products supplied to original equipment manufacturers worldwide.
Nero's customer base comprises leading companies, including Caterpillar, Motor Coach Industries and Kenworth Truck. Bulldozer major Caterpillar contributes around 65 per cent of its sales.
Nero had sales earnings of $17.5 million in 2006. The firm's management team and workforce of 181 employees would be integrated with WCI.