Rane (Madras) acquires US firm PDC for $8.9 mn

Rane (Madras) Limited, a leading auto component company, has acquired the US-based Precision Die Casting (PDC) Inc through its wholly-owned subsidiary in the Netherlands for an enterprise value of $8.9 million. The board, which met here on Monday, approved the acquisition.

PDC is in the business of manufacturing high pressure aluminium die-casting for automotive applications like steering and compressor related die-casting components. It has major customers including TRW, JTEKT, Nexteer and Mahle, Rane (Madras) informed the stock exchanges.

The deal is expected to be concluded before March 31, 2016. PDC had a turnover of $29 million in 2014-15, the company said.

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According to Rane, the acquisition will help expansion into overseas die-casting market in line with the strategic goals of the company. The proposed investments will be made by its Netherlands-based subsidiary and PDC will become subsidiary of the company, Rane said further.