New Delhi: German auto component maker Bosch on Tuesday said its product offering in India will be enhanced following a global acquisition of the US-based auto diagnostics specialist SPX Service Solutions for USD 1.15 billion.
"In India, the SPX Service Solutions acquisition will result in an enhanced product and service portfolio for the automotive aftermarket division along with a gateway to OES (Original Equipment Supplier) customers," Bosch Ltd said in a statement.
The augmented Bosch India portfolio will now include technical information and services such as repair manual generation, spare part manuals and labour time study for workshops, it added.
Commenting on the development Bosch Ltd Vice President (Automotive Aftermarket) S Muralidharan said: "This acquisition opens many exciting new opportunities for Bosch India automotive aftermarket. We hope to enhance our position as part, equipment and service providers to complete solution providers in automobile service space."
This development will open new avenues for diagnostic services in Indian market, he added.
Earlier, Bosch announced to completed its acquisition of SPX Service Solutions.
"The agreement to purchase the company was signed in January this year... The purchase price USD is 1.15 billion (some 885 million euro)," Bosch said.
Based in Canton, SPX Service Solutions had a sales of USD 920 million in 2011. It employs 2,800 people in 17 countries and has manufacturing sites in the US, Germany, France and China, it added.
SPX Service Solutions develops, manufactures and sells service equipment, repair-shop accessories and software for the global automotive market.
"In acquiring SPX Service Solutions, we will become a comprehensive supplier of solutions in the diagnostics and repair business," Bosch President (Automotive Aftermarket Division) Robert Hanser said.
"We will quickly merge our know-how and wealth of experience in this growing market. Our aim is to become the world's leading supplier of diagnostics solutions for all makes of vehicle," he added.
The business of SPX Service Solutions will be integrated into the Bosch Automotive Aftermarket division, which had sales of 4.3 billion euro in 2011.
First Published: Tuesday, December 4, 2012, 19:12