New Delhi: Heating, ventilation and air conditioning systems maker Lloyd Electric and Engineering today announced the acquisition of Noske-Kaeser's rail and vehicles business in select markets globally for 2.3 million euros (nearly Rs 20 crore).
Lloyd has also acquired exclusive and worldwide rights to use the trademark "Noske-Kaeser Rail & Vehicle" from Noske-Kaeser Group, the company said in a BSE filing.
The company added the businesses have been "acquired for a total cash consideration of Euro 23,02,000, which includes an upfront payment of Euro 20,01,000 and an earn out of up to Euro 3,00,000 payable in the next year."
The acquisition of the Noske-Kaeser's rail and vehicles business, carried out via a special purpose vehicle, is in Germany, New Zealand, Australia, Brazil and the US, it said.
"It has acquired 100 per cent of shares in Noske-Kaeser's group companies located in New Zealand, Australia, Brazil and the US after carve out of the non-rail & vehicles business," the filing added.
Lloyd Chairman and Managing Director Brij Raj Punj said: "This acquisition will be instrumental in achieving our strategic objective of enhancing Lloyd's market position in the global rail and defence HVAC (Heating, ventilation and air conditioning) systems business."
This will allow the company to enlarge its scope of activities and deliver significant business synergies, especially through technology absorption and increased access to global rail and defence markets, he added.