EANS-Adhoc: Miba Aktiengesellschaft
Miba enters into a Joint Venture with an
Indian Sintered Components Manufacturer
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
Joint Venture India
01.02.2011
- Miba Sinter Group expands its global network with a manufacturing facility
in India.
- The Joint Venture between Miba and Maxtech Sintered Product Pvt. Ltd. will
provide Indian and International Car Manufacturers and Suppliers with
high-tech sintered components.
- Miba´s advanced powder metal technology and expertise is now available in
India.Miba, a strategic development partner of the international engine and
automotive industry based in Laakirchen, Upper Austria, is taking a minority share in the Sintered Components Manufacturer, Maxtech Sintered Product Pvt. Ltd. (MSPPL) in Pune, India effective February 1, 2011.
Maxtech Sintered Product Pvt. Ltd. Located in Pune, India employs 80 people and produces sintered components for automotive engines and transmissions as well as stainless steel components for exhaust applications.
"The cooperation in India expands our global network and provides our customers with Miba´s technology and best possible support through local product development and production. With this investment, we want to foster our strength in innovation and competitiveness of our customers," says Harald Neubert, CEO of the Miba Sinter Group.
Miba will transfer its latest powder metal technology to Maxtech Sintered Product and will localize production of components currently imported to India from Europe. The first technology transfer and localization projects are already underway.
Miba will provide global sales and engineering support for MPSSL´s stainless steel products, which are used in high-performance exhaust systems.
Growth Market India
India is a fast growing automotive market. More than 3 million new cars were sold in India last year; most of them produced locally. The market is forecasted for double-digit growth in the coming years.
Miba enters this growth market with a local production site close to its largest global customers, who are already producing engines and transmissions in India, or plan to do so shortly. Customers of MSPPL will benefit from Miba technology made available locally.
With manufacturing sites in Austria, Slovakia, China, USA, Brazil and India, Miba Sinter Group is a global development partner to the automotive industry, and is the technology leader in Powder Metal applications. Sintered components from Miba are high-precision, high-strength components produced using the most advanced process technology. They are used in passenger car engines, transmissions, steering and exhaust systems.
"Together with the technology leader Miba, we are able to provide our customers with even more competitive solutions in powder metal," says Jignesh Raval, Managing Director of MSPPL.
end of ad-hoc-announcement
The Miba Group
With headquarters in Laakirchen, Upper Austria, Miba is a strategic partner to
the international engine and automotive industry. Sintered components, engine bearings, friction materials, coatings and power electronics components are produced at 16 sites worldwide. Miba products are used for motor vehicles, railways, ships, aircraft and power stations. Technology from Miba makes these applications more efficient, safer and more environmentally friendly. Miba has around 3,000 employees, over half of whom work at the Austrian sites in Laakirchen, Vorchdorf and Roitham. In the 2009-10 business year, sales of the listed company totaled 311.8 million euros with an operating result (EBIT) of 16.4 million euros.
Maxtech Sintered Product Maxtech Sintered Product Private Limited (MSPPL) located at Talegaon, Pune, India with 80 employees is the unique company in the Asia Pacific region having the stainless steel sintering technology. The company is currently exporting sintered stainless steel parts for various applications to automotive customers in Europe, North America and China. MSPPL is a supplier of iron based high density sintered parts to various domestic automobile original equipment manufacturers (OEM) like Mahindra & Mahindra, Tata Motors, or Hyundai Motors.
end of announcement euro adhoc
Further inquiry note:
Mag. Eva Almhofer-Amering
Corporate Communications
Tel.: +43/7613/2541-1117
mailto:eva.almhofer@miba.com
Investoren/Analysten
Mag. Hannes Moser
Vice President Corporate Finance
Tel.: +43/7613/2541-1138
mailto:hannes.moser@miba.com
Branche: Industrial Components
ISIN: AT0000734835
WKN: 872002
Index: Standard Market Auction
Börsen: Wien / official market