Delta Magnets Buys UK Based TT Electronics Units For $2.54 Mn
Delta Magnets Ltd has acquired UK-based MMG Magdev Ltd and Chennai-based MMG India Pvt Ltd, from British electronic components supplier TT Electronics Plc. for a total consideration of £1.7 Mn ($2.54 Mn).
TT Electronics sold its two units in order to reduce its debt.
This acquisition would enhance Delta’s manufacturing capacity, expand its geographical reach into Europe, US and UK. and a ready market for its existing product range.
Transaction Reference: BS
Mumbai based Delta Magnets Ltd (formerly known as G. P. Electronics Ltd) manufactures arc magnets (segment magnets) and isotropic rings. It also manufactures and supplies magnet powder used in various applications. It serves companies in consumer electronics, engineering, telecommunication, and power sector.
Delta Magnets Ltd reported a turnover of Rs.8 Cr in 2008-09 with net loss of Rs.1.2 Cr for the same period.
UK-based TT Electronics Plc is engaged in design, manufacture, and sale of electronic and electrical components to companies in defense, aerospace, medical, automotive, telecom, and other industrial electronics sector. It operates through five segments: components, sensors, integrated manufacturing services, secure power, and general industrial.
This year in May, TT Electronics also sold its South African unit Wire Systems Technology to First Strut (Pty) Ltd, a South African group engaged in manufacturing, construction and distribution in the infrastructure sector for £5 Mn to reduce its debt from £56.9 Mn in beginning of 2010 to £54.6 Mn at the end of May2010.
TT Electronics two subsidiaries - UK based MMG MagDev Ltd. manufactures and markets permanent magnets, soft ferrite components, magnetic materials, and accessories, while MMG India manufactures a wide range of POT cores, RM cores, EP cores, Wide slot cores, Toroidal cores, Beads, Rods and Balun cores for various critical applications in the industry.
TT Electronics acquired MMG India in July 1997, in the name of Neosid India Pvt Ltd and later renamed it as MMG India Pvt Ltd.
| Readers' Comments | Post a Comment >> |
KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 01/07/10 | MMG Magdev Ltd - Delta Magnets | M&A | Delta Magnets Limited | - |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 07/02/12 | M&A | Piramal Healthcare Limited | Looking For | - | Planned |
| 07/02/12 | Private Equity | IDFC Private Equity | Regen Powertech Private Limited | 20.39 | Announced |
| 03/02/12 | M&A | ThyssenKrupp Elevator India Private Limited | Eros Elevators & Escalators Private Limited | - | Completed |
| 31/01/12 | M&A | Inox India Limited | Looking For | 20.00 | Planned |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Delta Magnets Limited | Jaydev Mukund Mody | B-87, MIDC Ambad, Nashik-422010. Maharashtra, INDIA. | Havells India Limited | www.deltamagnets.com |
| Dealforwards |  |
| Feb 6, 2012... | Unitus Seed Fund Invests In Bodhicrew Services, Hippocampus Learning, Milaap Social |
|
| Feb 6, 2012... | Kotak Realty Fund Invests R80Cr In Orris Infrastructure |
|
| Feb 3, 2012... | Goldman Sachs Invests R22Cr In Aban Offshore |
|
| Feb 6, 2012... | VRL Logistics To Sell Power And Cement Biz |
|
| Feb 3, 2012... | Emerging Markets Invests R14.6Cr In Sintex Industries |
|
Editorial
India A Bright Spot For Otherwise Insolvent CalPERS
I heard that Calfornia Pension is going to default and I started wondering what could be India's contribution to that.
