New Delhi, Oct 17 (UNI) Sigma Electric, a leading maker of metal parts and global investment banker Goldman Sachs today said they will make a 172 million dollar investment into the parent company Sigma for a majority stake.
Founder and Chairman of Sigma Sajjan Agarwal said it will remain a significant shareholder and will continue to focus on corporate strategy and key customer relationships.
Goldman Sachs and Mr Agarwal will support the existing management team as it continues to expand Sigma's product and service offerings across existing and new geographies.
Mr Paul Hirt, a 25-year veteran of GE, will continue to lead the management team as president and CEO, and will join the Board of Directors.
Founded in 1982 by Mr Agarwal, Sigma is a high quality, low-cost manufacturer of cast metal parts and assemblies for the electrical, utility, durable goods, and transportation markets with sales to the US and Europe. The company focuses on low-volume, technically complex parts using a range of metals and fabrication processes.
Sigma has manufacturing facilities in Pune and Jaipur and a distribution warehouse in Garner, North Carolina. The investment by Goldman Sachs will accelerate Sigma's plans for global growth as a leading Indian manufacturer of metal castings and components.