PMP Components, the auto-component company of the Ashok Piramal Group, has announced the acquisition of Czech Republic-based PAL International for an undisclosed amount.
PAL International, which is the third largest wiping systems manufacturing company in Europe was earlier owned by the Canadian auto group, Magna International.
PAL serves to clientele including Volkswagen, Skoda, Fiat, Peugeot-Citroen and Volvo. The annual turnover of PAL is Rs 125 crore. This acquisition will give PMP a direct 7 per cent share of the European market.
This is the second European acquisition by PMP after Bakony Wiper Systems, a Hungarian company acquired in June 2007. With the acquisition of PAL, PMP's turnover has grown to Rs 210 crore.
Harsh Piramal, executive vice-chairman, PMP said, "The Ashok Piramal Group is eyeing auto-components as a focus area. We intend to further invest in this sector and drive growth and consolidation in global markets.
The company sees a strong business synergy in this acquisition. We plan to quadruple from here and cross the Rs 800 crore mark by 2012 through organic and inorganic means."