M&M set to acquire Stokes Forging of UK
MUMBAI: Anand Mahindra’s ambition to be a global player in auto components is growing by the day. Mahindra is in advanced stages of acquiring Stokes Forging, one of the largest forging suppliers in the UK. The negotiations will be completed shortly.
Sources close to the development said that M&M has been looking for a presence in the forging industry in the European market and had evaluated a number of companies before shortlisting Stokes Forgings.
M&M is in the final leg of negotiations to acquire the company, which will give it an entry into the European forging industry, along with a local customer base.
The Horwood family-owned Stokes Forgings, based in Walsall, near Birmingham, recorded a turnover of pounds sterling 27 million last year. With a workforce of 230, the company has a product line-up of powertrain components, axles, chassis’ and suspension components.
SOURCE:THE TIMES OF INDIA
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