Kilburn Engineering to acquire Monga Strayfield for Rs 123 crore

Kilburn Engineering on Wednesday announced the proposed acquisition of Monga Strayfield Pvt Ltd, a company engaged in the business of manufacturing radio frequency dryers and heating solutions, for a total consideration of up to Rs 123 crore.

In a statement, Kilburn said the acquisition is aimed at a strategic and synergistic partnership that will enhance Kilburn’s portfolio and broaden its reach across various industries.

Monga Strayfield Pvt Ltd, established in 1968, brings over five decades of expertise in radio frequency drying and heating solutions, alongside a strong presence in the sheet metal fabrication industry, catering to both the US and European markets, it added.

Commenting on the acquisition, Ranjit Lala, managing director of Kilburn Engineering Ltd, said, “This acquisition complements Kilburn’s offerings and enables us to serve a broader customer base with enhanced solutions.”

Amritanshu Khaitan, director of Kilburn Engineering Ltd, said, “This acquisition is not only a positive step in adding a new vertical to Kilburn but also shareholder value accretive, improving the company’s overall profitability due to Monga Strayfield's high operating margins.”

“We believe this will propel Kilburn Engineering towards becoming a world-class manufacturer of dryers and heating solutions,” he added.

In FY24, Monga Strayfield reported total revenue of Rs 72.90 crore, a profit after tax of Rs 15.41 crore, and a closing cash balance of Rs 33.28 crore.