Tube Investments acquires French industrial products maker Sedis Geroup
15 February 2010
Murugappa Group company, Tube Investments of India (TII), a leading manufacturer of bicycles, precision steel tubes, cold rolled steel strips, cold roll formed sections and industrial and automotive chains, today acquired a controlling stake in Sedis Group, France, through acquisition of 77 per cent of equity of its holding company, Financiere C10.
TII acquired this shareholding directly from the financial investors in FC 10, (75 per cent) and a few other shareholders. The management shareholders will continue to hold the remaining shares in FC 10 and be associated with Sedis for a period of three years.
Sedis is a leading manufacturer of industrial and engineering class chains in France and possesses a product range covering the requirements of a whole range of industries including the high growth infrastructure sector.
The brand ''Sedis'' has strong brand equity and the client list includes names such as Lafarge, Charles De Gaulle airport, BAA Heathrow, Metronet, Cairo Metro, Kone, Otis, Schindler, etc.
The turnover of Sedis Group was Euro 37 M for the year 2008 and the profit after tax was Euro 1.35 M. During the first nine months of calendar year 2009 the revenue was at € 21 million and the profit after tax was ¥ 0.55 million.
Sedis has a presence in almost 100 countries through its vast distribution and sales network. It has two plants in France and a marketing company in the UK.
Sedis possesses superior technology for manufacture of special and engineering class chains and this acquisition will enable TII to access these technologies and make products that are today being imported into the country.