National Engineering Industries (NEI), a part of the USD 2.4 billion diversified CK Birla Group, on Wednesday said it has acquired Slovakia-based Kinex Bearings.
The company, a leading bearing manufacturer in the country, has acquired Kinex through its Europe-based subsidiary. Size of the deal was however not disclosed by NEI.
The transaction is in line with the company's strategy to augment its product portfolio, expand geographic footprint as well as serve the existing customers better and acquire new ones, NEI said in a statement.
"The Kinex acquisition equips NEI to enhance its scale and further diversify its portfolio with a much stronger position to provide best in class products to both new and existing customers," CK Birla Group Chairman CK Birla said.
NEI President and CEO Rohit Saboo said the acquisition is a significant step forward in the company's vision and global ambitions.
"We are excited to have the complementary product portfolio, skills and capabilities of Kinex and we firmly believe that we can leverage the synergies between both companies to chart an exciting path ahead for growth and engineering excellence," he added.
This deal positions NEI on the global map with an international manufacturing footprint and the advantages of a more efficient supply chain to serve its global customers, Saboo said.
Kinex, with an annual turnover of around 60 million euros, has a rich history of more than 100 years in engineering and bearing production. It supplies products to over 80 countries and employs around 1,000 workers.
As part of the deal, Kinex brings in two production plants in Slovakia (Bytca and Kysucke Nove Mesto) with the capability to produce bearings for railways, industrial segments and textile industry.
The company manufactures bearings for aerospace and water pump bearings for automotive sector.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!