Leading mechanical cable and halogen bulb manufacturer, Suprajit Engineering, has announced that it has concluded the acquisition of Light Duty Cable (LDC) business unit from Kongsberg Automotive ASA.
A press release from the company stated that all the four LDC related entities are now 100% owned stepdown subsidiaries of the organisation through Suprajit USA.
Additionally, the transaction also involves the transfer of global sales and engineering expertise related to the LDC business located in US, Germany, France, Sweden, and the UK, to Suprajit.
The cable maker further aims to acquire the actuation technology through this transaction, making Electro-Magnetic Actuators (EMA), a new product segment for the group.
Suprajit has used a portion of cash available with the company and balance through debt to complete this transaction, leaving behind a significant cash surplus, the release added.
Ajith Rai, Founder and Chairman, Suprajit, said, “Our combined manufacturing footprint in India, China, Hungary, USA and Mexico, with engineering centres in Novi (USA), Wichita (USA), Tamworth (UK) and Bangalore (India), along with the engineering support in multiple countries, will give Suprajit group a deep-rooted presence in this business.”
Mohan N S, Managing Director and Group CEO, added that the company’s strategy of cables beyond India and in India beyond cables has been pursued with a clear focus.
“We have also expanded our management bandwidth to manage plants in various geographies to serve our customers across the globe and truly become a global player,” he added.
With a total employee strength of around 1,300, LDC has marquee global customers in the automotive, non-automotive and 2-wheeler businesses including Tesla, Fiat, Land Rover, Mercedes, Honda, STIHL, Shiroki, Adient, Husqvarna, Lear, Magna among others.