Bangalore-based Bharat Fritz Werner Ltd (BFW), a machine tool manufacturing company, has acquired the turning business of Proteck Machinery Pvt Ltd, according to a press release. The deal amount is not disclosed.
The acquisition is a part of the company's strategy to invest around Rs 100 crore over the next three years.
“Our customers have been suggesting us to expand our portfolio of reliable products and provide them with complete solutions. This acquisition is part of the steps that the company is taking toward this goal. BFW has long standing relationships with major auto companies as its customers," said Ravi Raghavan, CEO, BFW.
“BFW continues to foray into new areas and will grow organically and inorganically to double its turnover in the next three years," Raghavan added.
Founded in 1985, Proteck Machinery is a multi-product engineering company and manufactures metal cutting and forming machines. It provides metal forming, includes laser cutting machines and press brakes and CNC machine tools like CNC turning centres and CNC machining centres.
BFW, a part of Rs 2,600-crore Kothari Group company, is a machine tool building firm. It has a presence in the milling machines business, which is 50 per cent of the machine cutting sector.
BFW manufactures 1,200 machines, including standard and special purpose ones in a year. There are more than 35,000 BFW products aimed at sectors like automotive, defence, aerospace, etc.
The company's main manufacturing facility is in Bangalore and its high technology machining centres are produced at BFW’s subsidiary MATEC in Germany.
Rahul Tadimalla, partner at RSVP Capital Advisors, acted as financial advisor to BFW on this deal.