Shares of Amtek Auto advanced nearly 4 per cent to Rs 158 after the company said that it plans to acquire iron casting, forging and machining business of Asahi Tec Corporation, Japan.
The company in a statement issued post the market hours yesterday said, Amtek Auto has entered into a share purchase agreement with Japan based Asahi Tec Corporation to acquire its various group companies which are engaged in the business of iron casting, forging and machining. The transaction will be completed through the overseas subsidiary of Amtex Auto.
The acquired companies has various manufacturing facilities located in Japan, Thailand and China having long standing relationships with blue chip original equipment manufacturers.
The key products manufactured by Asahi Tec Corporation include engine blocks, cylinder heads, front axle beams, crankshafts, turbocharger housings and other engine and suspension related iron, castings and forgings.
The shares of Amtek Auto ended 3.15 per cent higher at Rs 157.
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