Mergers and Acquisitions KCI takes over Swiss APAG
Kanoria Chemicals & Industries Limited (KCI) has acquired APAG Holding, a Switzerland based company. APAG Elektronik is engaged in development and sale of electronic and mechatronic modules and control devices for the automotive, consumer goods, power tool electronics and building automation industries.
New Delhi/India – Commenting on the acquisition, Mr. R. V. Kanoria, Chairman & Managing Director of KCI, said, “After the disinvestment of our Chloro Chemicals business in May’2011, KCI has been exploring diversification in knowledge based high growth areas. APAG which is known for its acumen in product designing and engineering, and is a reliable partner to the high end automotive segment in Europe, fits well into KCI’s strategy. With fast increasing demand in the high end automotive segment both in India and the rest of the world, the knowledge base of APAG can be leveraged for future expansion in various geographical segments. KCI is excited, as it is its first global foray in manufacturing, apart from being the first move towards diversification away from commodity chemicals into knowledge based high value addition sectors.“