Mr Ruia said his Group will to take Gumasol to new heights
Ruia Group has expanded its global presence further with the successful acquisition of Gumasol-Werke Dr Mayer GmbH & Co KG. Announcing the takeover Pawan K Ruia, Chairman of the Ruia Group, said: "Our global growth strategy aims at acquisition of business enterprises, brands and state-of-the-art technology platforms across the world.
Despite setting up high standards in every aspect of its operation, Gumasol-Werke has been facing some difficulty because of the European impact of the economic meltdown. We are committed to take Gumasol to new heights."
Established in 1946 Gumasol-Werke is regarded as a leading manufacturer of solid resilient tyres, rubber components and rubber to metal components in Germany.
Applications of the tyres include industrial trailers, roll trailers, forklift trucks, sewage plants, barking plants etc. The Company has strong brands and is renowned for its benchmark quality with registered patents in the European market. Gumasol is recognized for its innovation capabilities and is strongly supported by its well known customers.
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Germersheim (Germany) based Gumasol Rubber Tec, a Special Purpose Vehicle floated by the Ruia Group has acquired the assets of the company on August 1, 2010. As a result the Gumasol plant will remain operational and all its 106 employees will be retained. The employees, the customers, the vendors and all the parties involved are satisfied with the outcome of the exercise.
Gumasol is the third European acquisition of Ruia Group in the automotive sector. The first two, UK-based Schlegel Automotive Europe Ltd (acquired in 2008) and Germany-based Draftex Automotive GmbH (acquired in 2009) are engaged in manufacturing automotive sealing systems and have Ford, Toyota, Nissan, Honda, BMW, Daimler, Audi and Volkswagen in their client portfolio. Ruia Group believes that Gumasol, its newest member, will be useful in strengthening the Group's presence in Europe, while its state-of-the-art technology is all set to foray into the Indian market.
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