ISMT acquires 100 pc stake in Structo

New Delhi, June 10 (UNI) ISMT Ltd has acquired 100 per cent stake in Sweden-based Structo Hydraulics AB, the manufacturer of tubular components for the hydraulic cylinder industry.

The acquisition will create a captive market of roughly 1,00,000 tonnes per annum of high value seamless tubes, thereby helping become the largest producer of tubes and tubular components for Hydraulic Cylinders in Europe and Asia, a statement said.

Prior to the deal, both companies have planned to expand manufacturing operations in India and subsequently to China to support Structo customers in those countries and in the neighbouring regions.

Structo's marketing network in Europe will also be utilised to market other company's products in Europe.

Structo Hydraulics, located at Storfors in Sweden has an extensive marketing network throughout Europe. It has an annual turnover of Rs 300 crore.

Following this acquisition, the company will introduce Structo's product line in India, offering Indian customers a full range cold drawn tubes, skived and roller-burnished tubes and components for hydraulic cylinders.

UNI