Batliboi acquires Quickmill by paying

By Staff
|
Google Oneindia News

Mumbai, Mar 27: In its bid to making its presence on global market, the Indian machine tool and engineering major Batliboi today announced the 100 per cent acquisition of the Canadian firm Quickmill for a consideration of Rs 22 crore.

Making a formal announcement before the media about it here, Batliboi CMD Nirmal Bhogilal said,''The acquisition of Quickmill supports our goal of becoming an internationally competitive nicher player in our various businesses''.

Talking about his strategy, he said,''Our strategy is to support Quickmill's current management to grow and develop it as a separate and distinct entity leveraging their technology, strong brand, reputation and expertise''.

Quickmill is a strong technology-oriented, growing and profit making machine tool company and involved in the manufacture of heat exchangers, machinery equipment, aerospace, dies&moulds, bridge building machinery and automotive sectors with annual sales of Rs 52 crore.

Also, it enjoys 75 per cent market share in the heat exchanger industry in North America. With gross sales turnover of Rs 300 crore, Batliboi is one of the leading players in machine tools, textile engineering and air conditioning and refrigeration in the country.

Later talking to sources on the sidelines of the media meet, Mr Bhogilal said,''We are going to retain all the staff of Quickmill, but we have no plan as such to increase our headcount''.

UNI

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