Mumbai, Oct 22 (UNI) PMP Components, the auto-component company of The Ashok Piramal Group, has acquired Czech Republic-based PAL International, a wiping systems manufacturing company.
Pal International, a third largest wiping system manufacturer in Europe, was earlier owned by the Canadian Auto Group, Magna International. It had a very strong clientele including major OEMs like Volkswagen, Skoda, Fiat, Peugeot-Citroen and Volvo. The annual turnover of PAL is Rs 125 crores. This acquisition will give PMP a seven per cent share of the European market.
This is the second European acquisition by PMP after Bakony Wiper Systems Limited, a Hungarian company which was acquired in June 2007. Bakony supplies wiping systems to Suzuki and General Motors in Europe. With the acquisition of PAL, PMP's turnover has grown to Rs 210 crores.
PMP's Executive vice-Chairman Harsh Piramal said, ''The Ashok Piramal Group is eyeing auto-components as a focus area. We intend to further invest in this sector and drive growth and consolidation in global markets.'' ''The company sees a strong business synergy in this acquisition.
These acquisitions are just the start to PMP's growth trajectory. We plan to quadraple from here and cross the Rs 800 crores mark by 2012 through organic and inorganic means,'' Mr Piramal said.
PMP has drawn up an aggressive growth strategy to expand its wiping systems business in Europe. A modern wiping system manufacturing unit is also being setup at PMP's existing complex at Satara in Maharashtra to cater to Indian OEMs. The company is setting up a new R &D and innovation centre in Prague, Czech Republic.
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