Grind Master Machines buys SPMS
In order to expand its global footprint, Aurangabad-based Grind Master Machines has acquired French company SPMS, a manufacturer of super finishing and deburring machine tools for an undisclosed sum.
Grind Master’s latest acquisition SPMS delivers solutions to the automotive powertrain industry, designing and building superfinishing and deburring machines for engine and gearbox component manufacturing.
Talking to DH on the sidelines of IMTEX 2017, Grind Master Machines CMD Milind Kelkar said, “We acquired SPMS recently, and we are also looking out for further acquisitions in Europe to complement our current areas of expertise.”
The company, which registered Rs 106 crore revenue in FY 2015, expects to close the current financial year with Rs 140 crore. Over 60% of its revenues comes from exports.
‘GST to lower cost of production’
When the Goods and Services Tax (GST) regime comes to effect this year, it will reduce the overall cost of production and spur demand. Briefing reporters at IMTEX 2017, IMTMA Exhibitions Chairman Jamshyd N Godrej said, “Once GST is implemented, it will help lower the cost of production for both manufacturers and users. GST is very important for the machine tool industry for demand creation and I hope the economy will get a boost through the regime.”