Ruia Group enters France, acquires SEALYNX
Kolkata, 17 May: Yet another automotive sealing manufacturing company, SEALYNX Automotive of France, has been acquired by the Ruia Group. By an order issued on Monday, 16 May, the Commercial Court of Nanterre (Hauts de Seine, France) endorsed the take over. SEALYNX Automotive, with plants in France, Romania, Morocco and Tunisia, has a total of 981 employees on its roll and grossed a turnover of Euro 68 million in 2010. Since the economic meltdown of 2008 SEALYNX Automotive was suffering from financial uncertainties and in December 2010 the commercial court had appointed administrator to run the company. SEALYNX Automotive brings in French OEM majors like Renault, Peugeot-Citroen and Romanian auto-manufacturer Dacia to the client portfolio of the Ruia Group, which supplies sealing systems to almost all the iconic names in the world of automobiles. Following the acquisition the company has been renamed Ruia SEALYNX SAS.
The Ruia Group forayed into the business of automotive sealings in 2008 with Schlegel Automotive in UK. In 2009 the Group added Draftex Automotive GmbH of Germany to its fold. Last week the Group announced signing binding agreements with Standard Profil AS of Turkey and Meteor Gummiwerke of Germany. Succeeded by these developments, the new acquisition is expected to consolidate Ruia Group’s position as an emerging global leader in the business of automotive sealings.
Commenting on the new addition in the Group, Mr Pawan K Ruia, Chairman of the Ruia Group said: "With all these companies, the sealings business of the Group reaches a topline of Euro 600 million (US Dollar 850 million). The superior technology brought in by these companies will give the Group a strong foothold in the key auto markets in Europe with a pedigreed clientele that includes some of the stellar auto brands in the world. The Group is now positioned to address opportunities arising out of new markets and countries. While keeping our focus on emerging as the global leader in Auto Ancillary Industry, we envisage leveraging the state-of-the art technology and extend quality sealing solutions to the booming auto industry of India, Brazil and other developing countries.”
It may be mentioned that the Ruia Group has a strong presence in automotive fastener manufacturing (Ruia Global Fasteners AG) along with a facility for solid tyre manufacturing (Gumasol Rubber Tec GmbH) in Germany. In India the Group controls tyre manufacturers Dunlop India Ltd and Falcon Tyres Ltd and engineering company Jessop & Co Ltd
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