Vectra acquires Czech truck major Tatra
Construction equipment manufacturer Vectra, today announced that the company along with its consortium of investors has bought a 80.5 per cent stake in the Czech Republic based truck manufacturer Tatra for $57.8 million.
The company acquired the stake from Terex corporation of the US.
Vectra’s total stake holding now accounts for 92 per cent as the former held 11.1 per cent stake in the same company prior to the acquisition.
A Belgian bank, KBC, holds 17 per cent, with 7 per cent and 5 per cent of the stake being held by the public and US investors respectively. The consortium is also planning to buy out the balance holding of 8 per cent.
R K Rishi, chairman, Vectra group, said, “With this acquisition, the company has taken decisive and important strides towards creating a truly global scale business within the automotive sector domain of our business portfolio. This acquisition is an important component of our strategy to build a global automotive business."
Vectra’s core business ideas involve engineering, automotive, material handling and construction.
The companies operations span across 18 countries having primary bases in India and the Eastern Europe.
India is also the largest market for the company’s heavy commercial vehicles sales constituting 33 per cent of the total production of 1,500 units worldwide.
Defence deals consist of 50 per cent of the companies revenue, US army being one of its largest consumers.
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