Kolkata-based Ruia Group said it has acquired the 134-year old German-based Acument GmbH & Co, that deals in mechanical fastening systems, for an undisclosed amount.
The Ruia Group, which controls Dunlop India, said the all asset deal was aimed at consolidating its position in Europe.
According to chairman Pawan K Ruia, the buyout was also aimed at tapping opportunities during the next boom in the automotive market projected to grow five folds in India by 2020.
He said the group formally took charge of the assets of four production locations and one logistics centre in Germany of the bankrupt company headquartered in Neuss, a city in North Rhine-Westphalia, located on the west bank of the Rhine opposite Düsseldorf.
Ruia Group formed a joint stock …
Read the full Article via Ruia Group buys German firm Acument.