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Kabra Extrusions acquires stake in GEC
16 March 2011: Kabra Extrusiontechnik has acquired 15 per cent stake in US based Gloucester Engineering Company Inc (GEC) for around Rs 20 crore. Majority owned by private equity firm Blue Wolf, GEC is into the business of equipment for the plastics extrusion and converting industry.
Formerly known as Battenfeld Gloucester Engineering Co that changed its name to GEC four years ago, it already owns 11.28 per cent in Kabra Extrusiontechnik. GEC and the Kolsite Group (that promotes Kabra Extrusiontechnik) had established a JV, Kabra Gloucester Engineering (KGE), in Daman in 2009. This was GEC’s second manufacturing unit besides its key operations in Gloucester, USA.
The deal will enhance the partnership and allow GEC to explore the South East Asian markets further and give better exposure to Kabra Extrusiontechnik in the international market.
Source: BSE