Bharat Forge Ltd, Pune, India, says it has acquired one of Germany's biggest forging firms, Carl Dan Peddinghaus GmbH. The deal reportedly would make the combined company the world's second-biggest forging firm.
Bharat, a leading maker and exporter of crankshafts and axles, said in a statement late on Nov. 22 said it would buy all fixed assets, inventory, and business of Carl Dan Peddinghaus through a specially acquisition company. The firmv did not disclose the value of the deal, but it did reveal that the purchase, effective January 1, 2004, would be funded through internal funds.
The German company, headquartered in Ennepetal near Dusseldorf, is profitable, employs 790 people and had sales of 116 million euros in 2002, Bharat said. It supplies chassis parts to leading European automakers BMW, Volkswagen, DaimlerChrysler, and Volvo, and also provides product design and development services.
"This will help Bharat Forge strengthen and expand its business in Europe and enhance technology capability, especially in the passenger car segment where CDP has a large presence," said Bharat Forge Chairman Baba Kalyani.
Bharat Forge reported net profit of $17.7 million on net sales of $151 million in its most recent fiscal year ending in March. It exported parts worth $59.3 million to 24 companies including DaimlerChrysler, Renault, and Volvo.