Amtek Auto, India's second largest auto components maker has announced signing a JV agreement with US-based forged metal components maker FormTech Industries LLC, to set up a manufacturing facility for hatehur hot forgings used for automotive applications in India and Europe.
Amtek auto will hold 51-per cent in the joint venture, while FormTech would hold the balance. The company expects the facility to be fully operational in about 12 to 18 months.
FormTech, headquartered in Royal Oak, Michigan, is engaged in the production and supply of precision hot, warm and cold forging components and provides forged metal components to the automotive light vehicle, heavy truck and industrial markets of North America.
FormTech had acquired Metaldyne's North American forging operations in 2006 to become North America's largest independent provider of automotive forging. The company also operates Metaldyne facilities in Fraser, Detroit, and Troy, Mich.; Canal Fulton and Minerva, Ohio. The primary markets served by the company include automotive, heavy truck and industrial.
Amtek Auto has been consistently making overseas acquisition and manufacturing bases overseas across USA, Europe, and Asia. It has existing global JVs with Belgian Gear manufacturer, VCST and Neu mayer Tekfor. Recently the company acquired a 20,000 tonnes per annum capacity aluminium foundry in the UK.
In order to consolidate itself operations, last month the company approved the scheme of merger of three of its subsidiaries with itself.
Amtek Group was established in 1985 with the incorporation of the flagship company, Amtek Auto Limited. Since then, it has grown rapidly and emerged as a frontrunner in the global automotive component industry with a worldwide presence across USA, Europe, and Asia.
Its manufacturing includes iron and aluminum castings, forgings, complex machining and ring gears flywheel assembly for making connecting rod assemblies, flywheel ring gears and assembly, steering knuckles, suspension and steering arms, CV joints, crankshaft assemblies, torque links.