Dynamatic Technologies has completed the sale of the foundry assets of its wholly owned subsidiary JKM Ferrotech to Danblock Brakes India Private Limited (DBIPL), a US $ 2 billion Indian subsidiary of MAT Holdings, Inc..
Udayant Malhoutra, CEO and Managing Director of Dynamatic, said: “As pioneers in the automotive sector, we have benefited from our association with automotive majors like Daimler, BMW, Hyundai, Ford, Renault and TATA. Lessons from this sector have enabled us to build a world-class aerostructure capability, and today we are a single tier 1 supplier to renowned aerospace and defense customers, such as Airbus, Boeing, Bell Helicopter and HAL. The company has also focused on the design and construction of proprietary hydraulic products and is now the world’s largest producer of hydraulic gear pumps for agricultural tractors. When we decided to divest our Indian automotive castings business, we looked for someone who would align more with that industry. manufacturer of automotive components. We wish the MAT team every success in this endeavor. “
Steve Wang, Chairman and CEO of MAT Holdings, Inc., said, “MAT has over 10 facilities in India located in North India and with asset makers JFTL we mark our first entry into the southern India, starting the success of Chennai. With its location near the port and in one of the
the most important automotive belts in India, we find this to be an ideal site to expand our operations, both in domestic and export markets. We thank the Dynamatic team for this transition as we embark on our new journey to Chennai. “
The Mumbai-based Singhi advisers were the only transaction advisers. Zerick Dastur Advocates & Solicitors were legal advisers to JFTL and Shardul Amarchand Mangaldas & Co were legal advisers to MAT.
On Sensex, Dynamatic finished at Rs1636 per coin, up 3.29%.