Autoline Industries acquires Dura Automotive's jack and tool kit business

Autoline Industries Ltd has announced that the Company has formed a wholly owned subsidiary Company in USA in the name and style as "Autoline Industries USA, INC". "Autoline Industries USA, INC" would function as a Company for acquisitions and takeovers abroad. The said Company has also incorporated its wholly owned subsidiary Company in USA in the name and style of "Autoline Industries Indiana, LLC".

Further Company has inform that its 100 % acquisition of the manufacturing operations, business and associated assets (without any liabilities) of the jack and tool kit of Dura Automotive Systems, USA.

DURA's jack and tool kit business has one U.S. plant located in Butler, Indiana State, USA where it employs approximately 140 people. With annual revenues of approximately $25 million, DURA's jack and tool kit business produces automotive bottle jacks, scissor jacks and related products for automotive jack tool kits. The jack and tool kit business’ capabilities also include metal stamping, powder coat paint and assembly.

With this acquisition Company has acquired a 140,000 sqft. (on 17.64 acres of land) manufacturing facility near Fort Wayne, Indiana, USA (the birthplace of automotive body-works in the United States) with nine modem transfer presses ranging from 200 tons to 1000 tons each, state of the art painting and assembly lines, as well as eight US patents, and over 30 proprietary designs for Jacks and tool-kit products at a total cost of USD 9 Lacs.

The acquisition of the Butler operation gives Autoline Industries an annual business relationship of about INR 100 crores with General Motors, Ford Motor Corporation, Honda Motors, Subaru, Nissan and AM General (the manufacturer of the famous Hummer V), and also positions Autoline as a leading manufacturer of automotive jacks and tool-kits in the World.

Source : Equity Bulls

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