Symphony acquires Chinese cooler firm MKE for Rs 1.5 cr

Ahmedabad-based Symphony, a leading player in manufacturing of water coolers, has fully acquired China's Munters Keruilai Air Treatment Equipment (Guangdong) for Rs 1.5 crore.

With this deal, the company is entering China for the first time.

Symphony Chairman and MD Achal Bakeri said, "MKE is based in China but originally owned by a Swedish firm Munters. MKE is the biggest brand in the Chinese cooler market. Until this acquisition, we were never present in China. Now, for the first time, we are entering that market after this acquisition."

"MKE owns more than 80 intellectual property rights, including 51 patents. The company has strong presence in industrial cooler segment. Using their facilities, we can also export to ASEAN countries, as China enjoys Free Trade Agreements with them," added Bakeri.

Meanwhile the company also announced its Q1 earnings. It reported 31.98 per cent decline in its standalone net profit at Rs 22.26 crore for the quarter ended June 30, 2015 due to lower sales. The company, which follows July-June financial year, had posted a net profit of Rs 32.73 crore in the previous year. Net sales in the quarter under review stood at Rs 123.68 crore, down 17.89 per cent as against Rs 150.63 crore in the corresponding quarter of previous fiscal, the company said in a BSE filing.