Sanmar Group acquires Matrix Metals

Chennai, Apr 1 (UNI) Matrix Metals LLC, a portfolio company of Jefferies Capital Partners, has announced that it has been acquired by the Sanmar Group, an integrated industrial, shipping and engineering group headquartered in Chennai.

This transaction was the culmination of a close relationship between the Sanmar and Matrix's NEPCO unit, which had sourced castings from Sanmar for many of Matrix's most important customers for several years, a company release said here today.

The acquisition had been funded by a bridge facility provided by Bank of India and State Bank of India, New York, which was expected to be the long term provider of funds.

Matrix Metals closed the last financial year with the sales of USD 157 million, an increase of 10 per cent over 2006, the release added.

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