Salzer Acquires Majority Stake In Kaycee Industries
Salzer Electronics Limited, among leading players offering total and customised electrical solutions, entered into a definitive agreement with the promoter (CMS Group) of industries Limited in an all cash deal, and make an additional offer to purchase 25% from the public for a total Equity Value of INR 22 crores. Salzer Electronics has the adequate financial flexibility to fund this transaction. The acquisition is subject to inter alia receipt of necessary regulatory approvals and satisfaction of other conditions as specified in the offer documents.
Having is corporate office at Mumbai and manufacturing unit at Ambernath near Mumbai, Kaycee's principal products which include Rotary Switches, Rotary Cam Switches, Micro and Toggle Switches, Weadter Tight Switches, Breaker Control Switches, Counters and Fuse Eittings adds to Salzer's attractive product offerings making it complementary & synergistic to the existing line of business. This will also strengthen Salzer's position in industrial Switchgear segment which constitutes “42% of Salzer's current revenue and help Salzer expand is footprint into Railways, access to all india dealer network and manufacturing set up in western India.