Sundram Fasteners Buys German Firm
Sundram Fasteners Buys German Firm
Jason Sandefur
Sundram Fasteners Ltd. acquired Germany-based PUT Grundstucks GmbH for about EUR 30,000 (US$41,077), the company announced. PUT Grundstucks is currently called mertus Sechsundvierzigste GmbH.
In 2006 Sundram purchased Textron subsidiary Peiner Umformtechnick Gmbh in Germany for an undisclosed amount. Peiner generates EUR 50 million (US$59.2 million) in annual revenue, employs a workforce of 325 and has annual capacity of 18,000 tons. Peiner makes standard and special fasteners for the automobile, industrial and construction sectors. The deal reportedly gave Sundram access to the construction sector through Peiner’s blue chip customers.
The latest announcement follows news that Sundram profit jumped 42% to 255.5 million rupees (US$6.35 million) on sales of 2.98 billion rupees (US$74.13m) during the second quarter of 2007. In 2006 Sundram revenue topped 15.69 billion rupees (US$385.94 million). Web: sundram.com �2007 FastenerNews.com
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