Sintex Industries board of directors yesterday approved acquisition of 81% of the shareholding of Wausaukee Composites (WCI), a company organized under the laws of the State of Wisconsin, US by the company.
According to a release issued by Sintex to the BSE today, the company has acquired 81% of the shareholding of WCI in the first tranche and the balance shareholding subsequently. Sintex Holding US, the subsidairy of Sintex has acquired the stake of WCI.
'WCI is a technologically sound company offering large components with complex design parameters. WCI has an established presence in the medical imaging, mass transit, industrial / agricultural equipment, wind energy, commercial furnishings, recreation and corrosion-resistant materials handling sectors. “Composites” is a huge and growing market globally. Composite offers better strength to weight ratio, non corrosion, weather ability, design flexibility and molding ability, heat & chemically resistant and also offers electrical insulation properties.', the release added.
Further, the company believes that the acquisition could help both the company and WCI to expand their product portfolio as well as market penetration and development of products through the company's cost advantages and potential access to the Indian market coupled with the market reach and superior application technology of WCI.
Source : Business Standard