New Delhi: Salzer Electronics Limited, a leading player offering total and customized electrical solutions, has announced its intention to acquire two overseas companies – Advanced ID Asia Engineering Co. Ltd, Thailand and United Marketing and Trading Limited, Hong Kong.
During the board meeting of the company, the proposal on overseas acquisition was discussed and it was thought by the members that it is an interesting proposition for fueling the growth of the Company. R Doraiswamy, Managing Director and D Rajesh Kumar, Joint Managing Director and Chief Financial Officer of the company have been entrusted with the task of opening negotiations with the present promoters of Advanced ID Asia Engineering Co. Ltd and United Marketing and Trading Limited.
Non-binding Expression of Interest and Exclusivity Arrangement will be issued to both the companies to take the acquisition 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, 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.
About Salzer Electronics Limited
Salzer Electronics Limited was founded in 1985 as a small enterprise and now has a chain of five factories. The company entered the electronics industry with an aim to design, develop, manufacture and supply CAM operated Rotary Switches, selector switches, Wiring Ducts, Voltmeter Switches and allied products. The company is headquartered in Coimbatore, Tamil Nadu.