ABB India acquires Metsys Engineering for Rs8.5 crore
15 Sep 2010
ABB, the Swedish power and automation equipment maker, yesterday said that its Indian arm will acquire Metsys Engineering and Consultancy Pvt Ltd for about Rs8.5 crore to further strengthen its metal business.
Founded in 2006, Bangalore-based Metsys provides engineering services and consultancy and optimised solutions to original equipment manufacturers (OEMs) and end customers mainly in the steel industry in India and emerging markets.
Once the acquisition is concluded, Metsys employees and R&D units will be integrated into ABB's process automation division and will help ABB in India to help strengthen the execution and R&D centre for the metals business.
ABB expects the integration of Metsys to expand its capabilities in the industrial sector in and the countries around India.
''This acquisition will help us to further strengthening our strong position in the metals business and our portfolio in this growing sector,'' said Biplab Majumder, vice chairman and managing director of ABB India.
ABB expects the transaction to close by the end of the month.
ABB India, reported revenues of Rs6,300 crore ($1.4 billion) and profit before tax of Rs530 crore ($117 million) in 2009. The company employs approximately 6,200 people.