The Ruia group on 10 May 2011 finalised acquisition of Turkey-based automotive sealing manufacturing firm, Standard Profil AS. A deal in this regard was sealed with Turkey based Bancroft PE. This is Ruias' third overseas acquisition of sealing makers after Schlegel in the UK in 2008 and Grefrath (Germany)-based GDX Automotive (now Draftex) in December 2009.
This is the Ruia's fifth overseas acquisition. The acquisition enabled the Ruias entry into East European market.
The acquisition of Standard Profil would strengthen the Ruia Group's presence in the automotive sealing market in Europe. Standard's client list includes Fiat, General Motors, VW and Audi and almost all other major automakers in Europe.
In contrast to Ruias' previous acquisitions of sick companies in Europe, Standard is a healthy company. Ruias had acquired Draftex, solid tyre maker Gumasol and four German automotive fastener manufacturing facilities of Acument Global Technologies (now Ruia Global Fastener) from the insolvency administrators.
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