*Elgi Equipiments Limited* has acquired 100% stake in *Belair SA* for about $1mn (Euro 0.7mn).
The acquisition is in line with company's model to acquire small-to-medium companies with strong brand names and supporting them with the ‘Elgi Inside’ strategy of providing key technologies and product extensions. The acquisition has been funded by Elgi Equipments through internal accruals. Belair SA is a French company that in involved in assembly, sales and services of industrial compressors, piping, fittings and accessories. It supplies compressors to the industrial segment with 3% market share in France. The company is located at Alby Sur Cheran, in the southern part of France. The sales of Belair are Euro 6.5 mn per annum and has 34 employees. Elgi Equipments Limited is a Rs 500cr manufacturer of industrial compressors. Air compressors account for about 60% of the turnover of the company; the other 40% is accounted for by its other diverse products like automotive equipments, diesel engines, etc. Currently, nearly 30% of its products are exported to US, Europe, Australia, South-East Asia and the Middle East. The company posted a net profit of Rs18 cr for quarter ended 31 December 2009. As of March 2009, the company was debt free and has a net worth of Rs 19.6cr. Also, the Elgi board has also adopted the proposal for the merger of Elgi Industrial products (formerly Elgi Finance) based on a valuation report. -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
