The $1.5mn Caparo Group founded by NRI industrialist Lord Swraj Paul has reportedly acquired a medium-sized Polish company, Zuo Bomet.
LONDON: The $1.5mn Caparo Group founded by NRI industrialist Lord Swraj Paul has reportedly acquired a medium-sized Polish company producing a range of forgings for the ship building industry.
"Caparo plc is pleased to announce the purchase of Zuo Bomet SA, Barlinek, Poland from the Agencja Rozwoju Przemyslu SA and Korporacja Polskie Stocznie SA," a company released.
Bornet will form part of the Caparo Forging group of companies and will be owned by the UK company, Caparo Engineering Limited.
With business interests predominantly in the manufacture of steel, automotive and engineered product, the Caparo Group's wider activities encompass materials testing services, hotels, film distribution and private equity investment.
Operating from over 50 sites in the UK, India, North America and Spain, the group has been seeking an appropriate investment in central and eastern Europe and the acquisition of Bomet SA is the first step into these markets, the announcement said.
Bomet, a medium sized manufacturing company, comes with a proud history, skilled engineering employees, a strategic location and potential for high growth.
Bomet produces a range of forgings for the ship building industry. Products include turnbuckles, lashing bars, twistlocks, sockets, valves and ship hooks.
The company also supplies forgings to the truck, earth moving and railway industries. Bomet currently operates from a 27 acre site and employs 270 people.
"Caparo is committed to a substantial level of investment to modernize and grow the company. Caparo brings not only investment, but also technology and access to global customers.
"The plan is to build Bomet as a Polish run company from its current position into a strong, larger well-invested company supplying an international customer base," the announcement said.
Caparo Forging-Bomet will complement Caparo's two existing UK facilities in Dudley and Hartlepool and an under-construction forging facility in Chennai, currently on plan to start production in 2008, will further strengthen Caparo Forging.
The forge in Chennai is part of a 120-acre site on which Caparo Engineering India is building a foundry, stamping facility and R & D Centre.
Chennai is one of four regional centres in which Caparo is making significant new investments in the automotive component sector. Caparo India currently operates at nine sites and expects to complete construction of 22 more plants during 2007 and 2008.
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