TVS Mobility Group said its subsidiary SI Airsprings Sdn. Bhd has acquired Italian auto parts supplier Roberto Nuti Group. The acquisition is in line with TVS Mobility Group’s objective to expand its product line and increase its presence in global markets, the company said on Monday.
The agreement between the two companies involves TVS Mobility acquiring 100% ownership of Roberto Nuti Group through SI Air Springs and necessary investments for the complete re-launch of the company.
Both companies will continue to operate as usual during the integration period.
TVS Mobility along with other companies under the group such as TVS Supply Chain Solutions and TVS Srichakra Ltd, have a strong presence in Europe.
The partnership will enable the Bologna-based group to benefit from TVS Mobility’s market and product leadership and to operate on a greater international scale.
“This acquisition marks an important step in our global expansion strategy, combining our unique skills in the air spring business with the Nuti group’s suspension systems expertise,” said P Srinivasavaradhan, Director, SI Air Spring.
Based in Madurai, Tamil Nadu, SI Air Springs provides air spring solutions to leading commercial vehicle and bus OEM manufacturers, trailer manufacturers, Tier 1 suspension system suppliers and the Indian Railways.
The Roberto Nuti Group manufactures and sells aftermarket shock absorbers and air springs, primarily for industrial and commercial vehicles.
“We are excited about the international growth potential this agreement brings and are confident that our partnership with SI Air Springs will allow us to leverage their capabilities.”
Both companies will continue to operate as usual during the integration period. “The Nuti Group is committed to ensuring a smooth transition for all stakeholders,” said General Manager Luca Randighieri.
(With inputs from PTI)
