Setco acquires Haldex for Rs 22 crore

Chennai, Jan 3 (UNI) Setco Automotive Ltd (Setco) today announced it had acquired the US manufacturing facility of Haldex Brake Products Corporation USA (Haldex) at a cost of Rs 22 crore.

In an official release here, Setco Automotive Managing Director Harish Sheth said 'with this acquisition of the US operation and rights to Lipe and other automotive product lines, Setco proposes to penetrate various new markets and expand its global business significantly in the coming 3-5 years'.

This acquisition was a part of Setco's strategy to be a preeminent player in the global market, he said adding apart from this Setco had planned to expand operations to over 30 countries by 2010.

Setco, with its physical presence in US, UK and India could now cater to various geographies globally in a strategic manner, he said.

Setco Automotive Ltd (Setco), incorporated in May 1982, is the largest manufacturer of clutches for heavy and medium commercial vehicles in India and a market leader of Premium Quality Lipe Clutches for Medium and Heavy Commercial Vehicles (MHCV) in India and a major global player, the release added.

UNI