Engineering Industries Ltd (NEI), part of the USD 2.4 billion diversified CK
Birla Group, announced the acquisition of Kinex Bearings through its wholly
owned European subsidiary. Kinex Bearings is an international bearing
manufacturer headquartered in Slovakia with an annual turnover of about 60
million Euros (Approx. Rs 473 crore).
transaction is in line with NEI’s strategy to augment its product portfolio,
expand its geographic footprint as well as serve its existing customers better
and acquire new customers. CK Birla, Chairman of the CK Birla Group, said,
“This is a proud moment for us as the Group continues to expand its presence in
the global market. The Kinex acquisition equips NEI to enhance its scale and
further diversify its portfolio with a much stronger position to provide best
in class products to both new and existing customers.”
Saboo, President & CEO, National Engineering Industries Ltd, said, “This
acquisition is a significant step forward in NEI’s vision and global ambitions.
We are excited to have the complementary product portfolio, skills and
capabilities of Kinex and we firmly believe that we can leverage the synergies
between both companies to chart an exciting path ahead for growth and
engineering excellence. This deal positions NEI on the global map with an
international manufacturing footprint and the advantages of a more efficient
supply chain to serve our global customers.”
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