Amtek buys JLF of UK
Amtek Auto Ltd has acquired the entire assets of UK based JL French's (Witham) Ltd (JLF) for $35 million (Rs 143 crore).
The assets will be transferred to India over the next three years. The acquisition will help Amtek expand its customer and product portfolio and obtain state-of-the-art technology in the aluminium high pressure die-casting segment.
JLF’s main product is high pressure aluminium die castings for auto ccomponents & cuurent sales revenues are at $60 million at 60 per cent capacity utilisation. JLF is OEM suppier of variety of aluminium castings for auto manufacturers likeJaguar, Ford Land Rover, and Peugeot.
Since the JLF, UK has been making only moderate profits due to high operational costs, Amtek will dismantle the entire unit in three years and relocate the production lines in phases to its facility at Ranjangaon, near Pune for cost-effective operation.
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