Indian plastic and textiles maker Sintex Industries Ltd. plans to acquire a European composites firm by March 2008. The company, with which the deal is expected to be finalized, has sales of about US$30 million in Europe. Sintex has set aside Rs 1.1 bln to be funded through internal accruals for these acquisitions.
Currently, Sintex has a presence in the U.S. market. Sintex acquired Wisconsin-based Wausaukee Composites for US$20.5 million in June. In 2006 it bought the South Asian operations of Germany's Zeppelin Mobile System, and is still scouting for more acquisitions in the plastic composites segment. Sintex is keen to have distribution network in the European market as this acquisition will help the company strengthen its technology and network. The acquisition will also help Sintex to build a global presence in the auto and electrical plastic accessories market, as composites find application in medical imaging, auto components and electrical components. Sintex is also considering buying an Indian composites company by December 2007.