Indian firm to buy 100% stake in US-based Pattons Inc
   
Quotes

Indian firm to buy 100% stake in US-based Pattons Inc

Last Updated: Thursday, November 29, 2012, 15:21
 
 Comment 0
 
Indian firm to buy 100% stake in US-based Pattons Inc
New Delhi: Air compressor manufacturer Elgi Equipments will buy 100 percent stake in North Carolina-based Pattin's Inc for an undisclosed sum.

"...The Board of Directors of the company at its meeting held on November 28, 2012 has given approval for acquisition of 100 per cent share capital of Patton's Inc.," the company today said in a BSE filing.

Headquartered in Charlotte, North Carolina, Pattons Inc. is engaged in the distribution and service of industrial and medical compressors with presence in South-Eastern part of the United States.

Patton Inc. Is more than 60 years old and had achieved over USD 30 million sales for the first time in 2007-08. But, the latest figures are not known.

"The acquisition is being made through its newly incorporated subsidiary, Elgi Compressors USA Inc," Elgi said.

Last fiscal, Elgi had clocked over Rs 900 crore revenue.

Elgi Equipments' shares were trading at Rs 87.90 apiece, up 1.03 percent during the afternoon trade on BSE.

PTI



First Published: Thursday, November 29, 2012, 15:21


Comments


comments powered by Disqus
New Vento 2015
New Vento 2015
Audi all-new SUV Q3
Audi all-new SUV Q3
Indian Billionaire Daughters
Indian Billionaire Daughters
TOP 5  happy cities of India
TOP 5 happy cities of India
Forbes Top 10 Billionaires 2015
Forbes Top 10 Billionaires 2015

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved