Tamil Nadu-based air compressor manufacturer ELGI Equipments Ltd has acquired US-based Patton’s Inc. through its newly incorporated subsidiary, Elgi Compressors USA Inc., for an undisclosed amount, according to a BSE disclosure.
Established in 1960 as a manufacturer of service station equipment and reciprocating compressor manufacturer, Coimbatore-headquartered ELGI has evolved into a multi-product, multi-market company, developing technically superior products. It operates two manufacturing facilities in Coimbatore and caters to diverse sectors.
This is the second global acquisition by ELGI this year. In August 2012, the firm acquired Italy’s Rotair S.p.a. through its subsidiary ELGI Compressors Italy S.r.l. for an undisclosed amount. The company also acquired French firm Belair SA for around Rs 4.4 crore in December 2009.
ELGI scrip was trading at Rs 87.50 a unit at 12.25 pm on the BSE, up 0.57 per cent in a strong Mumbai market.
Established in 1945, Patton’s is engaged in the distribution and servicing of industrial and medical compressors, with presence in south-eastern US. The company operates across North and South Carolina, Georgia, Alabama and Virginia. In late 2008, it also started Patton’s Medical to market air and vacuum packages and currently, is in the process of securing two design patents for medical packages.
(Edited by Sanghamitra Mandal)
