ERJ staff report (DS)
Ankara, Turkey - Ruia Group has added another leading automotive profiles maker to its portfolio. The Indian company has agreed to buy 100 percent of Standard Profil A.S. from a consortium, lead by Bancroft Private Equity. The transaction is subject to standard antitrust approvals and is expected to close in the third quarter of 2011.
Standard Profil, which has manufacturing locations in Turkey, Bulgaria, South Africa and China, is a fast growing, tier-one rubber profile and weather-strip producer for global automotive OEMs. Standard Profil had EUR 180 million in sales in 2010. Ruia Group is an Indian industrial conglomerate with core businesses in infrastructure equipment, automotive ancillaries, and tyres. Ruia Group has built a strong presence in Europe with group sales totaling more than EUR 700 million.
Commenting on the development Pawan Ruia, Chairman of the Ruia Group said: "We are very excited to have signed a deal to acquire such a rapidly growing company. This acquisition is in line with the Ruia Group's strategy to consolidate the automotive sealing industry and its plan to emerge as a global leader in the automotive ancillary industry. The addition of a market leader such as Standard Profil to the portfolio will accelerate the growth."
Since 2008, Ruia has acquired Schlegel Automotive Europe Ltd (2008) and Henniges Automotive Grefrath GmbH (2009).
Local press reports said Ruia group is seeking to buy Germany's Meteor's European operations. This rumour was not confirmed.
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Press release from Standard Profil
The Hindu Business Line (India)
Deal Curry (India)