By IANS
Kolkata : Usha Martin Limited, a leading producer of speciality steel and one of the world’s largest wire rope manufacturers, has acquired the business of a Netherlands-based distribution company through its wholly-owned subsidiary unit Usha Martin International Limited, UK.
It acquired the business of DE Ruiter Staalkabel B.V., a distribution company having warehouse and rigging facility in Netherlands.
“The total value of the acquisition is worth around 3 million euro,” Usha Martin senior vice president Subhash Somani said here Monday.
DE Ruiter has strong brand equity in high-end rope and allied products for shipping, port and oil field applications.
The acquisition by Usha Martin would help the company widen its reach in the European market, Somani said.
Usha Martin Ltd, which posted a net profit at Rs.370.68 million during the first quarter of the current fiscal at 38 percent growth over the same period last year, has manufacturing facilities at Ranchi, Jamshedpur and Hoshiarpur in India. It also has manufacturing units in Britain, Thailand, UAE and USA.
The company enjoys a strong international presence with a worldwide distribution, service and marketing network spread across the US, the UK, Europe, Africa, the Middle East, South East Asia and Australia.
As part of its expansion projects, Usha Martin would launch some integrated value-added wire rope production services with enhancement of its speciality steel production capacity to one million tonnes per annum in future.
The speciality steel production of Usha Martin registered a growth of five percent and the company’s global wire ropes production grew by 27 percent in the first quarter of 2007-08 compared to last year.