Ruia Group acquires France-based Sealynx Automotive

Ruia Group has announced that it has taken over a French automotive sealing manufacturing company - Sealynx Automotive for an undisclosed amount. The commercial court in France's Nanterre city has endorsed the Ruias' take-over of the company. This is the third acquisition by the Kolkata-based company in the last two weeks in Europe after the Kolkata-based company announced signing binding agreements with Standard Profil AS of Turkey and Meteor Gummiwerke of Germany. It is to be mentioned that Sealynx Automotive has plants in France, Romania, Morocco and Tunisia. The company has a total of 981 employees and clocked a turnover of 68 million euros in 2010. Following the acquisition the company has been renamed Ruia Sealynx SAS. Its clientele include French OEM majors like Renault, Peugeot-Citroen and Romanian auto-manufacturer Dacia. Apart from France, Sealynx has operations in Romania, Morocco and Tunisia. "With all these companies, the sealing business of the Ruia group reaches 600 million euros (US$850 million) in topline," said Pawan K. Ruia, group chairman. Since the economic slowdown of 2008, Sealynx Automotive was suffering from financial uncertainties. In December 2010 the commercial court France's Nanterre city had appointed an administrator to run the company.