Bharat Forge acquires Walker Forge Tennessee LLC, PMT Holdings
DSIJ Intelligence / 02 Dec 2016
Bharat Forge has completed acquisition of Walker Forge Tennessee LLC and PMT Holdings Inc., USA through its wholly-owned subsidiary, Bharat Forge America Inc. The company has completed this acquisition at a cost of Rs 96 crore.
Bharat Forge has completed acquisition of Walker Forge Tennessee LLC and PMT Holdings Inc., USA through its wholly-owned subsidiary, Bharat Forge America Inc. The company has completed this acquisition at a cost of Rs 96 crore.
Post completion of acquisition, both Walker Forge Tennessee LLC and PMT Holdings Inc., USA have become indirect subsidiaries of Bharat Forge with effect from December 1. Walker Forge Tennessee LLC has been renamed as Bharat Forge PMT Technologie LLC and PMT Holding Inc. has been renamed as Bharat Forge Tennessee Inc.
On the financial front, Bharat Forge posted topline of Rs 891 crore in Q2FY17, a decrease of 20.73 per cent on a yearly basis. The company’s EBITDA too declined by 20.09 per cent to Rs 279 crore in Q2FY17 as compared to the same period in the previous financial year. Its PAT also dropped 26.34 per cent to Rs 127 crore in Q2FY17 on a yearly basis.
The share price of Bharat Forge rose 1.03 per cent on the bourses in early trades and is trading at Rs 894.7 on intra-day basis.
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