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Ruia Group Acquiring Two Companies!
He added that the acquisitions are in line with the group's focus in automotive components and the company had already forayed into auto fasterners last year buying out a German company. By the third quarter of 2011, the process of acquisitions would be completed and these two takeovers will offer Ruia to enter the US, Czech Republic, Turkey, Bulgaria and South African markets in auto components.
Previously, the Ruia group has acquired two other sealing companies which include one in the UK and another in Germany. And the combined turnover from sealing companies would be $ 750 million with the new acquisition. Adding, Ruia Group acquired Standard Profile from London PE fund and Meteor was acquired from a trustee. Further Ruia said that he was considering creating a holding company for sealing business at a later date and have operational synergy to get better the bottom line of the segment.
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