News & Analysis » India
KEC Intl Buys US-based SAE Towers
(RTTNews) - Power transmission contractor KEC International today informed that it has executed a definitive agreement to acquire SAE Towers Holdings LLC, a limited liability company incorporated in Delaware, USA, for $95 million on a cash-free, debt-free basis to build a strong presence in North America & Latin America.
Headquartered in Houston, Texas, SAE Towers is a leading manufacturer of steel lattice transmission towers in the Americas with an annual production capacity of 100,000 metric tons. The company also manufactures steel poles for electrical transmission as well as related hardware.
The transaction is expected to close in September 2010 and would be EPS accretive from FY 2010-11, the company said in a filing to the National Stock Exchange.
" SAE Towers has a significant presence in geographic areas which are of substantial interest to KEC. The transmission and distribution spend in these regions are currently rapidly increasing. SAE Towers is well positioned to capitalize on these long-term growth opportunities," Ramesh Chandak, Managing Director & CEO, KEC International said.
Shares of KEC Intl are now trading at Rs. 498.45 on the NSE, up 2.46% on a volume of 1.78 lakh shares.
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