RSB acquires US-based Miller Brothers Mfg for USD 19 mn

Mumbai, Nov 29 (UNI) The Pune-based RSB Group, a leading engineering and automotive components manufacturer, today announced the acquisition of Miller Brothers Mfg, a Michigan-based privately held automotive components and products manufacturing company near Detroit.

The acquisition deal of USD 19 Million was completed through negotiations over five months using investment bankers in USA, said a press release here.

Legal, Environmental and Accounting due diligence were carried out by Michigan-based firms. The deal was completed through a mix of debt and equity, where USD three million have been raised by RSB as equity and USD 13 million have been raised as debt from a US-based bank.

Through this acquisition, RSB will have a base in the heart of one of the world's biggest automotive market and will gain access across major locations in the United States with an increased access to the European markets as well. The addition of Miller Bros will significantly increase RSB's international manufacturing, product design and marketing capacity and together they will focus on increasing their market presence in the global arena.

Commenting on the deal, Mr R K Behera, Chairman, RSB Group said, ''The acquisition of Miller Bros is a critical step towards our vision to become a global industry leader providing customers with converged solutions. With the auto components market growing at an exceedingly faster pace, our focus in recent years has been to expand our presence into new markets and provide a wide portfolio of products in the automotive sector to reach out to our global client base.'' UNI SN GB AW1907