Manugraph buys US firm for Rs 86cr
Manugraph India has decided to acquire the US-based Dauphin Graphic Machines Inc for $19.2 million (nearly Rs 86 crore).
The board today approved the decision of the proposed acquisition which would be completed within a week. Dauphin Graphic is a manufacturer of web offset printing machines with a $70 million turnover.
The combined entity will have three facilities – two in India, and one in the US. The acquisition will prop up Manugraph’s consolidated topline to Rs 750 crore in 2008 from last year’s Rs 320 crore, the company said in a statement to stock exchanges.
“Our goal of becoming global leaders in the manufacture of single width presses is being achieved. With the acquisition, we now look forward to launch a new range of products globally”, said Sanat Shah, chairman of Manugraph.
Avendus was the sole advisor to the company for this transaction.
Manugraph has informed the stock exchanges that it would convene an extraordinary general meeting on December 12 to raise $2.2 million through a preferential issue of shares.
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