GMM Pfaudler US Inc. approves the execution of a joint venture agreement with JDS Manufacturing

GMM Pfaudler US Inc., USA (a subsidiary of GMM Pfaudler Ltd) has approved the execution of a joint venture agreement with JDS Manufacturing (JDS), USA.

- GMM Pfaudler US Inc., USA has approved an agreement to acquire 51% of JDS, USA

- A consideration of $ 0.5 million (₹ 3.9 crore) will be paid to JDS and the transaction will be funded through internal accruals

- JDS manufactures glass-lined spare parts and components and also provides re-glassing services

- Joint venture with JDS will further develop our high-margin service business and is expected to strengthen our market position in the Americas

Mr. Thomas Kehl, CEO International Business said, "Partnering with JDS is a step towards implementing our strategy that includes growing our after-market and services business in the Americas. JDS' ready-made manufacturing and glass lining facility will further strengthen our market position."

Shares of GMM Pfaudler Limited was last trading in BSE at Rs. 1567.85 as compared to the previous close of Rs. 1599.00. The total number of shares traded during the day was 38386 in over 5574 trades.

The stock hit an intraday high of Rs. 1635.00 and intraday low of 1524.30. The net turnover during the day was Rs. 60709738.00.

Source : Equity Bulls

Keywords

GMMPfaudler INE541A01023 JVAgreement JDSManufacturing GlassLineSpareParts