Acquisition in Canada boosts GMM Pfaulder scrip

Chennai, Sep 15 (IANS) The shares of GMM Pfaulder got a positive response from the investors following its announcement to acquire Canadian company Professional Mixing Equipment Inc. (“MixPro”) for cash of $7 million.

On Friday, the GMM Pfaulder scrip opened at Rs.1,790 and touched a high of Rs.1,862 and is changing hands for about Rs.1,842.

On Thursday the scrip had closed at Rs.1,765.20.

According to GMM Pfaulder, the $3.5 million turnover MixPro, a producer of agitators and mixers, specialises in the design and manufacture of standard and customised mixing systems used across various industries including mineral processing, pulp & paper and flue gas desulfurisation.

The Indian company said GMM Pfaudler US Inc. through a special purpose vehicle incorporated in Canada proposes to acquire MixPro by way of acquisition of 100 per cent share capital of its holding company 2012875 Ontario Inc.

MixPro, its holding company and the special purpose vehicle will be amalgamated after closing the deal which is expected to be completed next month.

“The acquisition of MixPro is in line with our strategy of building our Mixing Technologies business, it enhances our product portfolio and also further strengthens our process know-how & simulation/testing capabilities. With the acquisitions of MixPro and Mixel now complete, we have created a global Mixing technology platform that can cater to a wide range of industry segments,” said Tarak Patel, Managing Director.