Directors of Bharat Forge Ltd., in Pune, India, approved the company’s acquisition of 100% of the shares of Walker Forge Tennessee LLC (WFT), in Surgoinsville, TN, making it a subsidiary of its Bharat Forge America holding.
The cost of the purchase was not announced, but several reports listed it at $14 million. BFL estimated the business will record $28 million in revenue this fiscal year.
The buyer explained its purpose is to establish a manufacturing footprint in North America and to increase its range of products for the passenger car and commercial vehicle markets, as well in industrial, construction, mining, and related sectors.
Walker Forge Tennessee is a closed-die operation forging carbon and high-alloy steel parts for automotive engine and chassis manufacturing, as well as forging for general industrial applications.
The former PMT Industries LLC was acquired by Milwaukee-based Walker Forge Inc. in 2012. Walker Forge has not commented on the sale.
Baba N Kalyani, chairman and managing director of Bharat Forge Ltd., said: “The acquisition of Walker Forge Tennessee creates a strategic manufacturing footprint in North America to leverage our existing customer relationships, while simultaneously enabling the company to address new end-market segments and broaden the product portfolio.”