Your location:  Home  >  Bearing News  >  
<<  Back

Sundram Fasteners restructures international operations

Resource from:  Financial Express Likes:200
Apr 08,2016
Sundram Fasteners, a flagship company of TVS Group, has restructured its international operations in order to maximise the revenue potential and shareholders’ value. It has created a new subsidiary called Sundram International (SIL), based out of the United Kingdom. Post setting up of the new arm, the Chinese company Sundram Fasteners (Zhejiang) and the UK subsidiary Cramlington Precision Forge have become subsidiaries of SIL. “Both these companies are profitable and have been paying consistent dividends to the parent company. The new company, Sundram International will be used as a vehicle, as and when the opportunity arises, to acquire technology companies abroad,” the company said in a statement. As part of the rejig, Sundram Fasteners has decided to divest its German subsidiary Peinner Umformtechnik and its affiliates. Germany has been impacted adversely since the recession of 2008 and has not been performing to the expectation of Sundram Fasteners. Sundram Fasteners’ management, after a detailed review, has then decided to divest the company to a German investor. “We are confident that the divestiture of the German subsidiary will go a long way in strengthening the balance sheet of Sundram Fasteners and improving shareholders’ value,” the company further said. Sundram Fasteners had reported a sales and operating income of R613.90 crore for the third quarter ended December 31, 2015 as against R588.62 crore in the same period in the previous year.
(Financial Express)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
Previous  Zero-Max Load Adaptors Connect Pump Impellers in Underwater Applications
Next  Aug 17 Bearing Steel Price in Different Regions of China

BRIEF INTRODUCTION

Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.

Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.

China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.