Amtek Auto buys Japan's Asahi Tec

Automobile parts maker Amtek Auto has completed acquisition of the iron & aluminium casting, forging and machining business of Japanese company Asahi Tec Corporation. The business has an annual revenue of $375 million and comprises three manufacturing facilities in Japan, two in Thailand and a strategic holding in a joint venture in China.

The acquisition of the joint venture interest is expected to close at a later date, said a company statement. Following the acquisition, the Amtek Group, including its subsidiaries and associates, will have a combined turnover of over $ 3.5 billion.