Batliboi Ltd acquires 100% equity in Quickmill Inc

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Batliboi Ltd acquires 100% equity in Quickmill Inc

Batliboi Ltd acquires 100% equity in Canada-based Quickmill Inc

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RELATED NEWS Batliboi buys Canadian co Quickmill for Rs 22 cr ALSO READ See latest News about Batliboi See previous management interviews See what other Experts & Brokerages are saying about Batliboi Batliboi BSE | NSE 25/05/12 Are Mutual Funds betting on Batliboi?

Batliboi Ltd ., one of India's oldest Machine Tool and engineering companies, today announced the 100 per cent equity acquisition of Quickmill Inc., Canada, for a consideration of  approx Rs. 22 crores. Ontario-based Quickmill Inc. is a strong technology oriented, growing and profit making Machine Tool company. It is a leading designer and manufacturer of wide range of large area machining centers for customers internationally in heat exchangers, machinery equipment, aerospace, dies & moulds, bridge building machinery and automotive sectors with annual sales of approx Rs. 52 crores. Quickmill enjoys 75 per cent market share in the heat exchanger industry in North America.

Batliboi Ltd., with a gross turnover of Rs. 300 crores is a leading player in Machine Tools, Textile Engineering and Air Conditioning & Refrigeration in India. This landmark acquisition marks Batliboi Ltd's first foray into the M&A space as well as a first for any Indian engineering company in the Machine Tool sector.

Commenting on the acquisition Mr. Nirmal Bhogilal, Chairman and Managing Director, Batliboi Ltd. said, "The acquisition of Quickmill Inc. supports our goal of becoming an internationally competitive niche player in our various businesses. Our strategy is to support Quickmill's current management to grow and develop Quickmill as a separate and distinct entity leveraging their technology, strong brand, reputation and expertise. We plan to reap synergies through cross fertilisation of skills, Batliboi's distribution network and some cost advantages in India through component sourcing & detailed engineering and helping Quickmill grow internationally. Quickmill will support Batliboi's manufacturing base through its considerable R & D capabilities."

Mr. Joe Lipsett President & CEO of Quickmill Inc. stated, "This is a great day for Quickmill Inc. with the capital, engineering, cost base, and added distribution and service, we can together take Quickmill to the next level. Quickmill will be running in its existing form under the same brands with our existing successful team empowered to grow the company. With added distribution in India, China and the Middle East to accelerate our efforts, plus the addition of Batliboi products to Quickmill product lines, Quickmill's growth will really ramp up."

Sourced From: Avian Media