Pawan Kumar Ruia snaps up French auto sealing firm
18 May 2011
The Kolkata-based Pawan Kumar Ruia Group, continuing to snap up ailing auto part companies abroad, on Tuesday acquired yet another automotive sealing manufacturing company, Sealynx Automotive of France, for an undisclosed sum.
Following the acquisition, the company has been rechristened Ruia Sealynx SAS.
Sealynx has been struggling since the economic slowdown of 1999, and in December 2010, a commercial court at Nanterre had appointed an administrator to run it. The court has endorsed the takeover by the Ruias.
Sealynx Automotive has manufacturing facilities in France, Romania, Morocco and Tunisia. The firm has 981 employees on its payroll and had a turnover of €68 million in 2010.
Earlier this month, the Ruia Group entered into binding agreements to acquire two automotive sealing systems manufacturing companies - Turkey-based Standard Profil and Germany-based Meteor Gummiwerke. With the French acquisition, it will have five sealing system companies in its stable.
The Ruia Group entered the business of automotive sealing in 2008, with Schlegel Automotive in Britain. In 2009, the Group added Draftex Automotive GmbH of Germany to its fold.
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