Japan’s KYB acquires 50% stake in Conmat Systems
TNN Feb 21, 2013, 04.41AM IST
VADODARA: Japan’s KYB Corporation, world’s largest shock absorber manufacturer, has acquired 50 per cent stake in city-based Conmat Systems Private Limited.
The equity partnership between 94-year-old Japanese multinational KYB, having annual turnover of over Rs 20,000 crore, and Conmat Systems Private Limited has resulted in a new joint venture (JV) – KYB Conmat Private Limited. It is KYB’s first investment in the country
“The JV with KYB, which is the largest truck mixer producer in Japan, having 85 per cent market share, will help us become a major player in the global construction equipment market,” Managing Director of Conmat Mr Premraj said while addressing media persons here on Tuesday.
Conmat had ventured into construction equipment manufacturing business by commencing commercial operations from its Por facility near Vadodara in 2009.
Conmat, presently, employees 350 persons with nearly 120 engineers forming its staff strength.
“The new facility will manufacture transit mixers for Global Market. It will have capacity to manufacture 1,400 transit mixers per year,” he said, adding that the JV will be used as a global sourcing hub for construction equipment with Middle East, Africa, Australia and European markets targeted for exports.