Shares of JBM Auto rose 5.6 percent intraday Monday after company acquired major shareholding in Linde-Wiemann.
The company has acquired major shareholding in Germany based Linde-Wiemann GmbH KG, a leading manufacturer of complex structural components & assemblies to automotive OEM’s worldwide.
The acquisition brings to the foray a plethora of synergies for JBM Group in the form of new products, global customers, new German technologies that will not only help in expanding the global footprint of the homegrown conglomerate but will also aid in adding strategic value to its Indian operations, thereby increasing the Group’s long-term competitiveness, company said in release.
Linde-Wiemann has a strong base of 17 manufacturing plants across 8 countries Le. Germany, US, China, Spain, Turkey, Czech Republic, Hungary and South Africa
Nishant Arya, Executive Director, JBM Group said, “Both entities together will bring forward an impeccable combination of frugal engineering & world class technology. We are looking forward to leveraging L+W’s experience in Europe coupled with our expertise in the auto component domain.”
At 10:30 hrs JBM Auto was quoting at Rs 274.25, up Rs 11.25, or 4.28 percent on the BSE.
The share touched its 52-week high Rs 457.25 and 52-week low Rs 230 on 02 April, 2018 and 14 February, 2019, respectively.
Currently, it is trading 40.02 percent below its 52-week high and 19.24 percent above its 52-week low.