Sanmar Group acquires Matrix Metals

April 1st, 2008 - 11:29 pm ICT by admin  


Chennai, April 1 (IANS) City-based industrial shipping and engineering firm Sanmar Group announced here Tuesday that it has acquired the US-based Matrix Metal LLC, a manufacturing, sourcing and distribution metal casting company, for an undisclosed sum. The deal is said to be the culmination of the Rs.15.96 billion ($398 million) turnover Sanmar’s business relationship with one of Matrix Metal’s units that sourced casting from the Indian firm.

According to Sanmar officials, the purchase transaction is funded with bridge loan from Bank of India and State Bank of India.

The $157 million turnover Matrix Metals has over 1,300 employees and operates one of the largest casting units in North America.

Sanmar’s corporate director B. Natraj, based in the US, would look after Matrix Metals.

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