Moneycontrol
Mar 11, 2013 08:56 PM IST | Source: Moneycontrol.com

Amtek Auto: Revenue to top $2bn post Neumayer Tekfor buy

Amtek Auto's revenue is likely to exceed USD 2 billion post the acquisition of Germany's Neumayer Tekfor Group, John Flintham, senior MD, said on Monday.


Moneycontrol Bureau


Amtek Auto's revenue is likely to exceed USD 2 billion post the acquisition of Germany's Neumayer Tekfor Group, John Flintham, senior MD, said on Monday.


Earlier, Amtek Auto shares surged 10 percent after the automobile component maker said that it has entered into an agreement to acquire "substantial business interests" of Neumayer Tekfor Group, which is engaged in forging and integrated machining.


Neumayer has 9 manufacturing units across Germany, Italy, USA, Mexico and Brazil and revenue of the acquired business is around euro 500 million.


Flintham told CNBC-TV18 that Amtek's product portfolio will be "majorly" enhanced post the deal and overseas markets will now contribute 45 percent of its revenue.


The revenue is expected to start showing on Amtek's books from FY2014, he added.


The closing of the deal is subject to fulfillment of certain conditions, which are expected to be completed by May 2013-end, Amtek said.


At 13:30hrs, Amtek Auto shares were up 7.5 percent at Rs 76.40 on NSE.

Also Read: Larsen & Toubro shares fall on World Bank sanctions

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