Ruia Group Acquires a German Automotive Fastener Supplier

Comprehensive foreign reports, India’s Ruia Group announced today that the group has acquired Acument, a German automotive fasteners supplier of Haoming Universal Technology. The transaction amount has not yet been disclosed.

Ruia Group has conducted a series of acquisitions in Germany and Europe in the past three years. Previously, the group acquired German auto and parts supplier Gumasol Rubber Tec GmBH, Draftex Automotive (GmBH) and British auto parts supplier Schlegel Europe.

Acument owns well-known brands such as Camcar, Flexalloy and Ring Screw and is an excellent global supplier of mechanical fasteners.

Acument's customers include Ford, Daimler, General Motors, Volkswagen and other international car companies.

The Ruia Group has acquired a total of four plants in Neu-Island, Beikingen, Neuwied and Schroßberg in Germany and a logistics center in Cologne, western Germany.

Chairman Pawan Kumar Ruia said, "The total amount of this acquisition is expected to reach 4 million euros, and it is expected that this year's Haoming German branch will have a turnover of 200 million euros."

At the same time, Ruia also stated that with this acquisition, the turnover of Ruia Group in 2011 is expected to reach 335 million euros, and 50% will be from overseas branches. "In the next 2-3 years, we will import fasteners from Germany, but we do not plan to relocate German companies to India. Instead, we will continue to purchase more manufacturing equipment in India."

“At present, the auto parts industry in India is developing at a high speed, and the demand for the automobile accessory market in India is as high as 26 billion U.S. dollars. It is estimated that it will reach 130 billion U.S. dollars by 2020. It can be seen that this acquisition will surely bring about technological development in the Indian market. Great benefits,” Ruia added.