Amtek Auto to acquire firms in Europe, South East Asia

Amtek Auto today said it will acquire two Europe-based and one South East Asia-based auto as well as non-auto component makers through its Singapore-based wholly owned subsidiary.
The company did not disclose financial details of the proposed acquisitions.
"The acquiring companies have six world-class manufacturing facilities across Europe and South East Asia, which have a combined sale in excess of Rs 2,000 crore to blue chip OEM's and tier one customer worldwide," Amtek Auto said in a filing to the BSE.
The proposed acquisitions will further strengthen Amtek's position as one of the largest integrated global forging, casting and machining business house, the filing said.

Earlier this month, Amtek Global Technologies, a Singapore-based unit of Amtek Auto, had secured a long-term loan of 235 million euro (over Rs 1,800 crore) from global investment firm Kohlberg Kravis Roberts (KKR), to replace its existing short- term loan.
The automobile parts maker also plans to raise up to Rs 200 crore from issue of non-convertible preference shares.

"Board of Directors of the company at its meeting held on November 24, 2014, have considered and approved issuance of non-convertible preference shares up to Rs 200 crore," the company said in regulatory filing.
The company today reported 12.13 per cent increase in net profit at Rs 61.82 crore for quarter ended September 30, compared to Rs 55.13 crore in the year-ago period.

Net sales of the company stood at Rs 760.09 crore, up 36.15 per cent as against Rs 558.25 crore in the same quarter last year.
The company's Board has also recommended dividend of Rs 0.10 per equity share of Rs 2 each for the financial year 2013-14.
Amtek India said its Board's recommendations are subject to approval of shareholders in the forthcoming Annual General Meeting, the company added.
The Amtek Group, which has annual turnover of over USD 2.7 billion and manages 65 world-class facilities, produces components for passenger cars, commercial vehicles and two- and three-wheelers.
The Amtek India scrip closed at Rs 91.90, up 3.26 per cent, on the BSE.