New Delhi, Apr 4 (PTI) Industrial machinery maker Metso today said it will acquire the valve automation division of the India-based valve technology company Rotex Manufacturers and Engineers, for an undisclosed sum, to expand its global valves business.
The acquisition will complement Metso’s actuation and valve automation offering, the company said in a statement.
The acquired division’s sales in the last fiscal year ending March 31, 2018, were approximately Rs 155 crore and it employs about 275 people.
Metso President, valves business area, John Quinlivan said the acquisition will expands its offering for the current customer segments, especially outside North America, and will increase presence in new industries and application areas.
“In addition, the acquisition strengthens our capacities and our presence in the important Indian market,” he added.
The acquired division has two manufacturing facilities in Mumbai and sales office in Mumbai, Vadodara, Kolkata and Pune.
KPMG was the sole transaction advisor to Rotex Group in this transaction.
Rotex Manufacturers and Engineers is part of the privately-owned Rotex Group. It produces actuators, limit switches, valve automation components and valves.
Metso offers equipment and services for the sustainable processing and flow of natural resources in the mining, aggregates, recycling and process industries.
This is published unedited from the PTI feed.