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EGLA acquires 40% stake in Kumar Precision Stampings; signs China JV
Industry News- Aug 05,24
EuroGroup Laminations specialises in key components for electric motors and generators, serving major automotive and industrial clients such as Volkswagen, Renault, Ford, GM, and a significant U.S.-based electric vehicle (EV) manufacturer.
Milan-based EuroGroup Laminations (EGLA), a leading manufacturer of stators and rotors for electric motors and generators, is expanding its global footprint. The company has acquired a 40% stake in India's Kumar Precision Stampings and announced a new joint venture in China.
EuroGroup Laminations specialises in key components for electric motors and generators, serving major automotive and industrial clients such as Volkswagen, Renault, Ford, GM, and a significant U.S.-based electric vehicle (EV) manufacturer.
The company plans to invest €19.9 million in Kumar Precision Stampings, a move that will grant EGLA control over the Indian firm. This investment marks EuroGroup's entry into the Indian market and is set to be finalised by the end of the year.
In parallel, following Italian Prime Minister Giorgia Meloni's recent visit to China, EGLA has signed an agreement with Chinese automotive component manufacturer Hixih Rubber Industry Group. This deal includes the creation of a joint venture controlled by EGLA, aimed at bolstering the company's presence in China, particularly within the EV sector.
As part of this agreement, EGLA will establish a new R&D centre and a high-tech industrial plant at Hixih's facility in Shandong province. The new plant will focus on producing motor cores for New Energy Vehicles. Currently, EGLA operates two production facilities in China, one for its EV & Automotive unit and the other for its industrial unit.
(Source: ET & Reuters)
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