New Delhi: CK Birla group-owned National Engineering Industries Ltd on Wednesday announced the acquisition of Slovakia based automotive bearing manufacturer, Kinex Bearings. The New Delhi-based automotive component manufacturer didn’t specify the value of the transaction but has conducted the acquisition through its wholly owned subsidiary in Europe.
This transaction is in line with NEI’s strategy to augment its product portfolio, expand its geographic footprint as well as serve its existing customers better and acquire new customers, said the company in a press release issued.
This acquisition includes two production plants in Slovakia, with the capability to produce bearings for various sectors like railways, industrial segments and textile, and has an annual turnover of 60 million Euros. They also manufacture bearings for aerospace and water pump bearings for automotive sector.
Overall, Kinex exports its products to over 80 countries and employs around 1,000 workers.
“The Kinex acquisition equips NEI to enhance its scale and further diversify its portfolio with a much stronger position to provide best in class products to both new and existing customers,” said CK Birla, chairman, CK Birla Group.
According to Rohit Saboo, president and chief executive, National Engineering Industries Ltd, this deal positions NEI on the global map with an international manufacturing footprint and the advantages of a more efficient supply chain to serve global customers.
“This acquisition is a significant step forward in NEI’s vision and global ambitions. We are excited to have the complementary product portfolio, skills and capabilities of Kinex and we firmly believe that we can leverage the synergies between both companies to chart an exciting path ahead for growth and engineering excellence,” added Saboo.
Source: Livemint
