India's Amtek Auto has entered into a deal to acquire Germany's Kuepper, as reported by CNBC-TV18. Reports suggest that the acquisition deal is valued at €200 million, according to Firstpost.
The transaction could grant Amtek access to higher-level German machining technology and new European customers, the Economic Times reported. Through the acquisition, Amtek will gain clients such as Daimler, Volkswagen, and BMW. The Indian company will also increase its combined capacity to over one million tonnes per year. The said deal is likely to be announced in a few days, the report stated.
Kuepper has four manufacturing establishments across Germany. The group also has one more facility in Hungary. The Kuepper group is involved in the business of aluminum and iron casting and integrated machining, the report said.
Amtek Group, with its subsidiaries, presently operates 60 facilities across India, Germany, the UK, Brazil, Mexico, the US, Italy, and Russia, the report added.
Shares of Amtek Auto rallied 9% during intraday trade on Thursday, Firstpost said in its report.
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