KITZ Corporation, a valve manufacturer in Japan, has announced the acquisition of an Indian valve manufacturer.
KITZ Corporation of Asia Pacific Pte. Ltd., a KITZ subsidiary in Singapore, has entered into a share purchase agreement on November 15, 2013 to acquire 99 percent share of Micro Pneumatics Private Limited in India from the founders who are existing shareholders. The remaining 1 percent will be purchased by KITZ Corporation. The deal to transfer all the shares is expected to close by the end of February 2014.
Micro Pneumatics, which develops, manufactures and sells industrial valves in India, has capacity to supply quality products to main markets in India through its sales network.
The acquisition allows KITZ Group to have production base and sales network in India, one of its target markets, and accelerate the development of products for the Indian market with synergy between the two companies. Combined with the products of Micro Pneumatics, KITZ can offer a complete package of the products to its industrial customers.
The purchase of Micro Pneumatics is part of its effort to further expand its business in growing Asian Market including India.
