Sterlite Tech, through its wholly owned Italian subsidiary Sterlite Technologies S.p.A, acquired 100 percent stake in Metallurgica Bresciana S.p.A (Metallurgica).
July 23, 2018
Sterlite Technologies’ subsidiary has completed the acquisition of Metallurgica Bresciana, a European specialised optical cable manufacturer, for EUR 47 million in an all-cash deal. The company said in a regulatory filing that its wholly owned subsidiary, Sterlite Technologies S.p.A., has completed the acquisition on July 20, 2018.
Incorporated in 1987, Metallurgica Bresciana designs and manufactures special precision optical fibre cables and specialized copper cables for various communication applications. The firm is a privately held company focused on bringing specialized cabling solutions for various network applications across industry segments. It has operations in Italy and China. The company had reported a revenue of EUR 48.7 million and net income of EUR 4.2 million at the close of 2017.
The acquisition will significantly expand Sterlite Tech’s market presence in Europe. It will bring new tier-1 customers, augment product portfolio, and enhance flexibility and ability to better serve the European market.
