Bangalore based machine tool builder - @Bharat_Fritz
acquired a majority stake in Germany based machine tool manufacturer - Matec Machunenbau GmBH in September.
Eric Unger - founder of Matec stated his advancing age and absence of a successor as the reason of selling the stake. Post deal, Unger will continue as MD and Matec will continue to operate as an individual identity.
Bharat Fritz also announced an agreement with Spinner Werkzeugmaschinenfabrik Gmbh of Germany to sell their entire range of turning machines, turn mill centers and machining centers in India.
Founded about 20 years ago by Erich Unger, Matec employs 160 personnel, and has production facilities spread over 3000 sqm.
Bharat Fritz Werner is a part of the Kothari Group. It was setup in 1961 with German techno commercial collaboration. BFW manufactures conventional milling machines in the country and its products cater to aerospace, automobile, defence, forging and pharmaceutical segments.