Sintex to buy US-based Wausaukee firm for $20.5 mln

New Delhi, June 1 (UNI) Plastic product maker Sintex Industries Ltd today said it has acquired 51 per cent stake in the US-based Wausaukee Composites Inc (WCI) in first tranche and balance will be acquired on an earn-out approach for 20.5 million dollars.

''This acquisition represents the commencement of our building a global presence in the international auto and electrical plastic accessories market,'' company Managing Director Amit Patel said in a statement.

The transaction will provide the company an opportunity to develop cost efficient operating and marketing strategies, while strengthening the company's competitive position in its operating categories and growth markets.

''Keeping in mind our long term plans for the US market, this initiative will act like spring board for glorious future,'' Mr Patel added.

The company has an established presence in the medical imaging, mass transit, industrial/agricultural equipment, wind energy, commercial furnishings, recreation and corrosion-resistant materials handling sectors.

The acquisition is made through the US-based, down stream subsidiary, Sintex Holding US, Inc.

UNI