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Feb 26, 2007, 07.01 PM IST
Autoline to acquire 51% stake in Stokota of Belgium for Rs 66.80 crores
Autoline has signed an MOU with Stokota NV of Belgium to acquire 51% stake in Stokota’s global operations for a consideration of Rs.66.80 crores in cash and equity.
Stokota has operations in Belgium, France, Poland, China and India and partnerships in over 16 European Union and Eastern European countries (FY06 Revenues: Rs.325.39 crores). It manufactures special purpose vehicles including tippers, tipper trailers, flatbed and skeleton trailers, cement bulkers, fuel tankers, LPG tankers, bitumen tankers, chemical tankers, vacuum tanks, high pressure jetting units, road and urban sweepers, garbage handling systems, etc.
Stokota has established its brand globally over more than four decades and is regarded as a leader in providing ‘complete road transportation solutions’. It is the largest manufacturer of aluminum tankers in Europe and a leader in steel and stainless steel tankers. It commands high market acceptance and is recognized as a reliable source by reputed OEMs and large fleet operators in Europe, China and South East Asia. Its customers include Volva, Scania, MAN, Iveco, Renault, DAF in Europe and FAW and Deng Fong in China.
Autoline has an integrated engineering tool design and manufacturing facility in Pune and is focused on manufacturing sheet metal assemblies and formed tubular products for the automobile industry.
Post merger, Stokota’s operations will contribute Rs.250 crores to Autoline’s consolidated Revenues and Rs.11 crores to Autoline’s consolidated Net Profit in FY08. In addition, Autoline would gain substantially from exports to Stokota, Europe.
The Autoline Stokota partnership will be able to leverage synergies and core competencies across continents. Stokota’s existing relationships in Europe would create sales channel for Autoline auto components with major players in Europe. Also, Autoline’s design capabilities and high quality low cost manufacturing will enable Stokota to outsource production of assembly parts to Autoline. The integrated India operations is expected to service the European, Middle East, African and Central Asian markets while Stokota China operations will service the Americas and Australia.
Sourced From: Pressman India
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