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Renold buys LG Balakrishnan's ind chain biz for £5.7m
Published on Wed, Jun 25 at 15:14 , Updated at Wed, Jun 25 at 16:46
Source : CNBC-TV18
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Renold has acquired the industrial chain business of LG Balakrishnan for £5.7 million. The UK-based company has picked up 75% stake, while LG Balakrishnan continues to hold 25%. LG Balakrishnan's industrial division had revenues of Rs 64 crore and EBIDTA of Rs 3 crore. It will continue to focus on making auto components, and metal forming. The company had recently demerged its forging business into LGB Forge. Shareholders would get one share of LGB Forge for one stock of LG Balakrishnan. Renold is a leading manufacturer of industrial chains. For LG Balakrishnan, the deal will bring new cutting edge technology and access to new geographies. |
By Archi Damania/CNBC-TV18Messages on Business Talk
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