India's Amtek buys supplier Zelter

Hennef, Germany. India's Amtek Group bought a 70-percent stake in the German auto supplier Zelter to gain a foothold in Europe.

Zelter produces turbocharger cases, steering parts, wheel hubs, exhaust manifolds and other components at its two plants in Hennef, North Rhine-Westphalia. Its major customers include Honeywell Garrett and BorgWarner.

Rolf Schirbaum, Zelter commercial manager, said the stake in Zelter was sold because of family succession issues. The families of the two owners didn't want to carry on the business.

Schirbaum said other parties were interested in the company, including another Indian investor.

Zelter had revenues of 106 million euros ($127.9 million at current exchange rates) in 2004. It currently has 430 employees. Schirbaum hopes production can be expanded under the new owner. This year, the firm wants to boost revenue about 20 percent.

Tags: Suppliers

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