TVS Mobility group on Monday said its subsidiary SI Air Springs has acquired Italy-based automotive components supplier Roberto Nuti Group, which will help it broaden the product range and strengthen its position in the global market. The pact between the two partners includes the 100 per cent purchase of Roberto Nuti Group by TVS Mobility indirectly, through its wholly-owned Indian subsidiary, SI Air Springs Private Limited and investments appropriate to the full re-launch of the company, TVS Mobility group said in a statement.
It also said that both companies will continue to operate normally during the integration period.
TVS Mobility has a well-established presence in Europe with some of the other businesses that are part of the group such as TVS Supply Chain Solutions and TVS Srichakra Ltd.
Following this collaboration, the Bologna (Italy)-based group will now operate on a more international scale, benefiting from the market and product leadership of TVS Mobility, it said.
“This acquisition marks a significant step in our global expansion strategy, allowing us to combine our distinctive skills in air spring business with the Nuti Group’s suspension systems expertise,” said P Srinivasavaradhan, Director of SI Air Springs.
SI Air Springs, which operates from Madurai in Tamil Nadu provides air spring solutions to major commercial vehicles, Bus OEMs (Original Equipment Manufacturers), trailer manufacturers Tier 1 suspension System suppliers and Indian Railways.
On the other hand, Roberto Nuti Group produces and distributes shock absorbers and air springs for the aftermarket mainly for industrial and commercial vehicles.
“We are excited about the international growth potential this agreement brings us and we are confident that partnering with SI Air Springs will allow us to take advantage of their capabilities.
“Both companies will continue to operate normally during the integration period, and we are committed to ensuring a smooth transition for all our stakeholders,” said Luca Randighieri, General Manager at the Nuti Group.
Source: Economic Times