Friday, January 29, 2010

Elgi Equipments acquires compressor unit in Europe

COIMBATORE: As part of its " going global" strategy, Elgi Equipments (Dr. Jairam Varadaraj Managing director), City based compressor manufacturer, has announced the acquisition of a company

in Europe engaged in the manufacture, sales and service of compressors. Elgi informed stock exchanges on Wednesday it has signed an agreement to buy 100% shares of the company. It expects to close the transaction by February end subject to customary regulatory approvals and other negotiated conditions of closing.

While company sources declined to identify the company, industry players said Europe has a number of small and medium sized compressor firms.

As part of the strategy to mark its imprints globally offering products and services to a number of export markets, the Rs 500 crore Elgi has established three subsidiaries one each in Gulf, China and Brazil.

Today, nearly 30% of its products are exported to countries like US, Europe, Australia, South-East Asia and the Middle East.
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