KOLKATA, India (July 11, 2008) – India's Ruia Group has acquired the former Metzeler Automotive Profile Systems operation in England from CVC Capital Partners, and renamed it Schlegel Automotive Europe.
Ruia—which didn't disclose the financial details of the sale—also said it plans to build a new factory in India.
The acquired company makes automotive profiles, focusing primarily on sealing systems for doors, windows and other applications, at a 452-employee factory in Coalville, England. Ruia – which also owns Dunlop India Ltd., Falcon Tyres Ltd., Monotona Tyres Ltd. and India Tyre & Rubber Co. (India) Ltd. – said it plans to spend about $6.4 million to upgrade and expand its British plant.
In 2006 the Metzeler operation in England posted sales of about $45 million, at today's currency exchange rates.