Precision engineering components manufacturer Uma Precision Ltd (UPL) has acquired Australia's Edwards Repetition Pty Ltd (Edwards) for a consideration of Australian $1.35 million. | |
| UPL has purchased all the assets (plant and equipment, fixtures and fittings) of the 32-year-old $6 million Edwards Repetition, which manufactures precision components for the automobile and white good industry. The deal includes the goodwill of the business and the right to the business name, according to a press release. |
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| Elaborating on the acquisition, Rajendra Z Kankaria, managing director and CEO, Uma Precision Ltd, said the company had paid 30 per cent of the deal price and the rest would be paid on completion of the shifting of the Edwards facilities to India. |
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| "We are shifting the entire plant and equipment to Pune. Earlier, we bought 21 multiple spindles from the UK. With this and our existing 10 multiple spindles, we will be one of the largest companies to have multiple spindles in India. We already have a facility besides skilled labours, thus the production cost will be low. Edwards' client base and the name will help us reach multinationals in the European market." |
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| Edwards is one of the largest multiple spindle machine works in the southern region of Australia. The company's major clients include GMH, Ford, Dorf Taps, Robert Bosch, Hella, Lucas, Vulcan, BTR Automotive, Mark Four Power Train and Isuzu Korea. |
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| "A new company, Edwards Repetition Uma Precision Australia Pty Ltd, has been formed and it will market the products earlier manufactured by Edwards," he said. Uma Group's sales turnover for the fiscal 2006-07 stood at Rs 67 crore (April - September), with exports accounting for Rs 8 crore. |
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| The company expects its revenue to go up to Rs 125 crore and export to Rs 18 crore for the year 2006-2007, Kankaria said. |
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