MEGADYNE: Acquisition of majority share in Indian power transmission belts firm

Italy’s Megadyne , a manufacturer of PU industrial belts, has acquired a majority stake in India’s Helicord Transmissions. The Chennai-based company specialises in producing power transmission belts and has revenues of around INR 250m (EUR 3.3m). Financial terms were not disclosed.

“This represents an opportunity to create a new and formidable range of products which will be combined with Megadyne’s own international distribution network to further accelerate growth,” said Prabhakar John Durai, Helicord’s managing director.

Indian advisory firm Anova Corporate Services said the deal was a good strategic move for Helicord and would further expand Megadyne’s position as a global premier manufacturer. The Italian group in 2012 embraced an expansion strategy covering South East Asia.

Source: www.plasteurope.com