India’s Varroc Group Acquires Italian Forging Company

Imes SpA has operations in Milan and Warsaw, Poland.

The Varroc Group, based in Aurangabad, India, has acquired Imes SpA, an Italian forging company with operations in Milan and Warsaw, Poland. The acquired company has a forging capacity of 110,000 tons per year.

The company said the acquisition would provide synergy with Varroc's existing forging business in India. Tarang Jain, managing director,Varroc Group, told the Financial Times of India, “We wanted to enter the passenger car market and this has got us in. In the passenger car market, we are focused on forgings, engine valves where we already have customers like GM and Fiat in Europe, and plastic moldings.”

Imes reportedly had annual sales of about 60 million euros during 2006, a senior company official said. "The acquisition has been completed and the benefit from it will start reflecting from the next quarter," the official said.

Varroc is an automotive components manufacturer with 17 manufacturing locations in western and northern India.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish