AVTEC (a CK Birla Group Company) and ASSAG strategic partnership agreement
AVTEC, a CK Birla company along with ASSAG of Switzerland have come together and formed an alliance which came into effect on 21st may 2012. Through the terms of this partnership deed, both these companies will share knowhow and complement each other. The agreement was signed between Mr. Prabhakar Kadapa, CEO of AVTEC and Mr. Stefan Schoen, CEO of ASSAG at Dudingen, Switzerland.
ASSAG is a leader in Crown Gear Technology with a number of patents to its credit. They have been providers of gears and are well versed in the demands of a global market. Knowhow of both ASSAG and capabilities of AVTEC will complement each other and go a long way in the creation of synergies.
This will help in the transformation of both companies as they offer solutions to customers in the field of Concept to Design, Prototyping and Series Production besides providing knowledge enrichment along with career progression opportunities for their employees. It will offer customers better technology, world class quality and timely delivery all at competitive prices.
News release: AVTEC and ASSAG, Switzerland enter into a Strategic Partnership
ASSAG is a leader in the field of Crown Gear Technology
Partnership augurs the achievement of AVTEC’s Strategic Objectives
AVTEC (a CK Birla Group Company) and ASSAG, Switzerland entered into a strategic partnership agreement with effect from 21st May, 2012. As per the agreement, AVTEC shall participate in the equity of ASSAG and on the governing board. Mr. Prabhakar Kadapa, CEO AVTEC, and Mr. Stefan Schoen, CEO ASSAG, signed the agreement in Dudingen, Switzerland.
ASSAG is a pioneer in Face Gear Technology with several patents to its credit and a solution provider for high precision and high quality Gears. AVTEC is very strong in application engineering, powertrain aggregate and component production. The know-how of ASSAG and the capabilities of AVTEC complement each other and create synergies.
This partnership shall reinforce AVTEC’s commitment to customers as a one stop solution from Concept to Design, Prototyping and Series Production. It would bring to the customers better technology, world class quality, on time delivery at competitive prices.
Mr. Stefan Schoen shall continue to lead the organization along with Mr. S. Muralidhar, an experienced manufacturing management professional, who will be joining him in due course.
Commenting on the occasion, Mr. C.K. Birla, Chairman of AVTEC Limited, said, “I am highly delighted with the value added synergy which will transform both the organizations, offer end to end solutions to the customers and provide knowledge enrichment and greater career progression opportunities to the employees.”
ACTIS, a private equity firm, as an investor holds 30% equity in AVTEC. Commenting on this acquisition, Mr. J. M. Trivedi, ACTIS’s Head of South Asia and a member on AVTEC’s Board, said, “We believe this acquisition is a highly complementary fit to AVTEC’s capabilities in the powertrain business. As a long term partner in AVTEC’s growth, ACTIS is pleased to support AVTEC’s initiatives to expand its technology base and industry footprint.”