PIX Transmissions Ltd. divests its Hose and Fittings business to Parker Hannifin Corporation
PIX Transmissions the giant in the manufacturing of V-Belts in Asia has divested its hydraulics division business to Parker Hannifin of USA.
- (1888PressRelease) July 17, 2012 - PIX Transmissions Ltd. (BSE: PIXTRANS.BO), the largest manufacturer of Belt and Hydraulic Hoses in India, today announced the sale of its Hose, End-fittings, and Hose Assembly manufacturing division to Parker Hannifin Corporation. Terms of the transaction were not disclosed.
The PIX hydraulics unit, located at Bazargaon, Nagpur alone has been transferred under the terms of the agreement. The Company would like to utilize the proceeds from the sale to further strengthen its core Belt and related mechanical power transmissions business. PIX would bolster their existing belt capacity to boost market share, taking advantage of their strong global presence and brand equity. Furthermore, this transaction would help PIX retire debt and thereby fortify their financial position.
Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial and aerospace markets.
Commenting on the transaction, the Chairman and Managing Director of PIX Transmissions Ltd., Mr. Amarpal Sethi said, "This divestiture would help PIX consolidate its leading position in the Belt and Power Transmissions industry, help us clearly focus on our core competencies, while solidifying our financial position in these uncertain economic times ".
PIX Transmission Ltd is the leading manufacturer of Belts and related mechanical transmissions products in India. The Company has state-of-the-art Belt manufacturing units as well as a completely automated Rubber Mixing facility in Nagpur. PIX Transmission Ltd enjoys significant brand equity in the Power Transmissions industry, with strong local as well global presence. The company has overseas subsidiary operations in Europe, Middle-East, and China, in addition to over 250 committed Channel Partners in over 50 countries worldwide.
For more information contact the Chief Financial Officer, Mr. Chandrasekhar +91-98334-93449
PIX Transmissions Limited
J-7 MIDC Hingna Road,
Nagpur - 440 016
Maharashtra. India
Tel.: +91-7104-237729
Fax: +91-7104-236505/6
E-mail: info ( @ ) pixtrans dot com
Website: www.pixtrans.com
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