Bangalore: The security technology division of Robert Bosch, Germany, has entered into an agreement for the purchase of the business division, 'Communication, Security and Imaging' (CSI) of Koninklijke Philips Electronics, Netherlands.
Following the business tie-up, Motor Industries Co (MICO) has decided to purchase the business of communication products and closed circuit television products from Philips India, a subsidiary of Koninklijke Philips Electronics, for an estimated aggregate consideration of Rs 40 million.
The above business formed part of the earlier business electronics division of Philips India and had a turnover of Rs 150 million in 2001. It currently employs 13 people.
The CSI business is considered as an attractive future growth area. With this acquisition, MICO gains an entry into this new market segment in India. Bosch is one of the leading industrial companies in Germany with a turnover of euro 34 billion and has 218 subsidiaries and associated companies in 50 countries and 227 manufacturing locations.
Bosch stands for competence and product diversity in the following sectors: automotive equipment, power tools and accessories, thermo-technology, household appliances, communication, automation, and packaging machines.
Established in 1951, MICO (www.micoindia.com) as a member of the Bosch group is the largest manufacturer of diesel fuel injection equipment in India. It also manufactures spark plugs, industrial equipment, auto electricals, hydraulic gear pumps for tractor applications, electric power tools, packaging machines and Blaupunkt car multimedia systems.