UK-headquartered Weir Group PLC has agreed to acquire the valves business of BDK Engineering Industries, based in Karnataka's Hubli town.
Completion of the acquisition is conditional on tax clearance and is scheduled for early October, according to a Weir Group statement.
BDK's valve business had gross assets of Rs 122 crore as at March 31, 2010.
BDK manufactures valves for the oil and gas,petrochemical and power markets. The business generated sales of Rs 152 crore in the year to March 31, 2010.
Keith Cochrane, Chief Executive of Weir, said: “This acquisition further strengthens our emerging market footprint. BDK’s range of valves will enhance our global customer offering and its Indian sales network will provide an additional route to market for many of our existing products.”
Bharat Khimji, BDK’s founder, said: “My family has developed BDK over the last 30 years into an internationally recognised valves manufacturer. We are pleased to entrust the next stage in the growth of the business to an engineering group of Weir’s global standing. We are convinced that this is an excellent outcome for customers and employees.”,