Crompton Greaves buys US based QEI for $30m

Electrical appliances and capital goods maker Crompton Greaves said on Friday it had acquired US-based QEI Inc for about USD 30 million.

Crompton will pay USD 24 million upfront, while balance USD 6 million will be paid as a conditional "earn-out" amount, it said. QEI Inc makes products for the management of electric transmission and distribution networks and had revenues of about USD 12.4 million for the year ended July 31, 2010, while EBIDTA (earnings before interest depreciation, taxation and amortization) stood at USD 2.35 million.