INDIA BUSINESS WORLD - AUGUST (16^th - 31^st) 2007
The Month that was ...

USHA MARTIN ACQUIRES NETHERLANDS CO FOR € 3 M

Usha Martin (UML) has acquired the business of DE Ruiter Staalkabel BV, Netherlands, through its wholly-owned UK subsidiary, Usha Martin International. Total value of the acquisition was around € 3 million. DE Ruiter is a distribution company with warehouse and rigging facilities. This company has a strong brand equity in highend rope and allied products for shipping, port and oilfield applications and the acquisition will help Usha Martin widen its reach in the European market, Usha Martin, informed Bombay Stock Exchange. "The DE Ruiter brandname will give us significant advantage in central Europe. So far, we have concentrated on the northern European market. The latest acquisition will complement our existing businesses across the continent," Subhash Somani, senior vice president of UML said. A leading producer of speciality steel, Usha Martin, is one of the world's largest wire ropes manufacturers.