Dhoot Transmission, an Indian wiring harness manufacturer, is acquiring UK-based Parkinson Harness Technology in a deal likely to be announced this week, people close to the development said. Dhoot Transmission declined to share the financial details of the transaction. However, the deal is said to be in the range of Rs 150 crore to Rs 200 crore, the people said.
Parkinson Harness makes electrical solutions including wiring harnesses, control panels, battery and power leads and control systems for manufacturers of construction equipment, municipal vehicle and industrial products.
This would be the third strategic venture by Aurangabad-based Dhoot Transmission in the past year.
The company acquired TFC Cable Assemblies in Scotland and Slovakia and forged a joint venture with Carling Tech in the US for automotive electronics in 2017. A fourth acquisition in Europe is likely to be finalised in the upcoming financial year.
Dhoot Transmission has earmarked $50 million (Rs 325 crore) to expand production capacity across Europe and to acquire a third company in the region in the next financial year. The acquisition of Parkinson Harness will enable Dhoot Transmission to expand its portfolio in offroad vehicles, agricultural and construction equipment categories.
“This transaction is part of Dhoot Transmission’s strategy to acquire key clientele in the European geography, while at the same time diversifying our domestic businesses within the four-wheeler category in the agricultural/construction sectors,” said Rahul Dhoot, managing director of Dhoot Transmission.
