Mazda Ltd, the Indian arm of Japanese auto maker Mazda, today announced the transfer of its valves division to Circor Flow Technologies India Private Ltd, for an undisclosed sum.
Mazda ltd is a manufacturer of specialised control valves and vacuum systems for the power and engineering sectors.
Mazda entered into a `business purchase agreement' with Circor Flow Technologies in 1 April 2010 for selling the valve division and subsequently received shareholders' approval by way of postal ballot on 4 May 2010, the company informed the Bombay Stock Exchange (BSE) today.
"The completion as per the terms of the business purchase agreement has taken place on 31 May 2010, by virtue of which all the assets and the business of the valve division has been transferred to Circor Flow Technologies India Pvt Ltd," Mazda said in its filing.
Mazda said it has received the first tranche payment as per the terms of the BPA, which was an all-cash transaction, from Circor on 1 June 2010. Mazda, however, did not disclosed details of the amount or valuation.
Circor India, a subsidiary of Massachusets-based Circor International Inc, is a provider of valves and other highly engineered products and subsystems that control the flow of fluids safely and efficiently in the aerospace, energy and industrial markets.
Circor said it would integrate the acquired operation into the company's flow technologies segment.