Elgi to buy 100% stake in US-based Pattons Inc

Air compressor manufacturer Elgi Equipments will buy 100 per cent stake in North Carolina-based Pattin's Inc for an undisclosed sum. "...the Board of Directors of the company at its meeting held on November 28, 2012 has given approval for acquisition of 100 per cent share capital of Patton's Inc.," the company said in a BSE filing.

Headquartered in Charlotte, North Carolina, Pattons Inc. is engaged in the distribution and service of industrial and medical compressors with presence in South-Eastern part of the United States. Patton Inc. is more than 60 years old and had achieved over USD 30 million sales for the first time in 2007-08. But, the latest figures are not known.

"The acquisition is being made through its newly incorporated subsidiary, Elgi Compressors USA Inc," Elgi said. Last fiscal, Elgi had clocked over Rs 900 crore revenue. Elgi Equipments' shares were trading at Rs 87.90 apiece, up 1.03 per cent during the afternoon trade on BSE.