Sandvik acquires remaining shares in Sandvik Choksi Ltd. in India
Sandvik has acquired the remaining 49% of the shares in Sandvik Choksi Ltd. from the Indian company Choksi Tube Company Ltd.
Sandvik has owned 51% of the shares since the company was founded in 1996. As a result of the acquisition, Sandvik further strengthens its position in India and in the other Asian markets for extruded seamless, stainless tube. Sandvik Choksi Ltd.'s operations are based in Mehsana, Gujarat. Sales in 2000 were SEK 30 M, with about 200 employees. In conjunction with the acquisition, the company changes name to Sandvik Steel Asia Pvt. Ltd.
The acquisition is part of Sandvik's growth strategy within expanding product and market areas. Sandvik Steel Asia Pvt. Ltd. works mainly on the growing Indian market, but export sales are increasing.
"The plant meets the highest international standards for production technology, productivity and quality. As a result of the company now becoming a wholly owned subsidiary, the plant can be integrated into Sandvik's global production network," says Lars Pettersson, President of Sandvik Steel.
Sandviken, 9 March 2001
Sandvik AB; (publ)