Salzer Electronics To Acquire Two Overseas Companies
Salzer Electronics Limited, a leading player offering total and customised electrical solutions, has announced its intention to acquire two overseas companies - Advanced ID Asia Engineering Co. Limited, Thailand and United Marketing and Trading Limited, Hong Kong as its Board at its meeting thought that the proposal on Overseas acquisition was an Interesting Proposition for fuelling the growth of the Company and entrusted its Managing Director - Mr. R Doraiswamy and Joint Managing Director and Chief Financial Officer - Mr. D Rajesh Kumar with the tasks of opening negotiation with the present promoters of above companies by issue of a Nonbinding Expression of Interest and Exclusivity Arrangement to take it forward progressively. The Company informed that the Price Consideration of this transaction and other details would be made available at the relevant Point of time.
Commenting on the Development, Mr. D Rajesh Kumar - Joint Managing Director and Chief Financial Officer stated that it's our first ever attempt to bat for this overseas acquisition as a part of our long-term vision to keep the Growth of the Company on the fast track as well as to add values to business on a continuous basis. He further stated that if this acquisition materializes, our Products Portfolio would get strengthened more and our exports presence in the Asian and European Markets would go up significantly. He expects the deal would get closed before December 2018, if all goes as expected.