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| Premium Transmission acquires German firm |
| BS Reporter / Mumbai/ Pune Jul 27, 2011, 00:50 IST |
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Pune-based, Premium Transmission Ltd has announced the acquisition of the entire business of Rexnord Stephan GmbH & CoKG, Germany.
The acquisition has been done through Netherlands based SPV- Premium Stephan for an undisclosed sum.
"The acquisition of Stephan is a major step forward in the Company's desire to build a global gear business. The focus of the group is to specialise in the supply of industrial gearboxes, ensuring that our resources are dedicated to the provision of innovative gearing solutions. We intend to significantly grow the Hameln business by offering our customers flexibility in the design and supply of a wider range of products and services, enabling us to meet the demands of our customers, more effectively and efficiently," said Praveen Sachdev, Chairman, Premium Transmission commenting on the development.
"This acquisition is a strategic move to combine the inherent strengths of Indian and German entities and use it to provide elaborate and better industrial power transmission solutions to domestic and European customers. The two companies not only have complementing products but also share common technology, quality assurance and customer service philosophies, thus providing a win- win situation to Premium as well as to its global customers," added Atulya Gupta, MD, Premium Transmission, which manufactures industrial gearboxes in India.
Stephan manufactures geared motors, industrial gearboxes, customised solutions and high precision robotic drive systems with current sales of over euro 21million.
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