Elgi Equipments, one of Indias leading air-compressor manufacturers, has acquired a 100 per cent shareholding of Sydney-headquartered F R Pulford and Son Pty Ltd, a company statement said.
Coimbatore-based Elgi Equipments said the deal was cracked for 11.04 million Australian Dollars (about Rs 56 crore). Through this acquisition, ELGi gains access to a national pool of customers to grow sales and service in Australia.
Pulford is one of the largest distributors of industrial compressors in Australia and has been in the business for nearly 100 years.
Responding to the development, Dr Jairam Varadaraj, Managing Director, Elgi Equipments, said, Today is a momentous day in ELGis and Pulfords history. It is the integration of two customer centric organisations with the intent of gaining a leadership position in the Australian compressed air market. Pulford embodies market leadership through decades of customer centricity. All of us at ELGi are humbled by Pulfords legacy in the Australian market and we are honoured by the role ELGi will play in its growth.
Tom Fyfe, Managing Director, Pulford, said, Today marks a great opportunity for Pulford to take a further leap forward in the Australian air compressor market with the acquisition by ELGi worldwide. It means that Pulford and Advanced Air have the stability of great products, class leading design and engineering and support from a world class OEM manufacture.
We are all very excited about the growth opportunities with the products. we know this is a big step forward for both companies that secures Pulford as a major player in the Australian compressed air market, Fyfe said.