TVS Mobility Group on Monday said that its subsidiary SI Air Springs has acquired Italy-based automotive components supplier Roberto Nuti Group, which will help it expand its product range and strengthen its position in the global market. The agreement between the two partners includes the acquisition of 100% of the Roberto Nuti Group by TVS Mobility indirectly, through its wholly owned Indian subsidiary, SI Air Springs Private Limited, and adequate investments for the complete relaunch of the company, TVS Mobility group said in a statement.
It also said that the two companies will continue to operate normally during the integration period.
TVS Mobility has an established presence in Europe with other companies that are part of the group, such as TVS Supply Chain Solutions and TVS Srichakra Ltd.
Following this collaboration, the Bologna, Italy-based group will now operate on a more international scale, leveraging TVS Mobility's market and product leadership.
"This acquisition represents an important step in our global expansion strategy, allowing us to combine our distinct skills in the air spring business with the Nuti Group's suspension expertise," said P Srinivasavardhan, director of SI Air Springs.
SI Air Springs, operating from Madurai in Tamil Nadu, offers air spring solutions to leading commercial vehicles, bus OEMs, trailer manufacturers, Tier 1 suspension suppliers and Indian Railways.
On the other hand, the Roberto Notti Group produces and distributes shock absorbers and air suspensions for the aftermarket, mainly for industrial and commercial vehicles.
“We are excited about the international growth potential this agreement brings us and are confident that partnering with SI Air Springs will allow us to leverage their capabilities.
“Both companies will continue to operate normally during the integration period and we are committed to ensuring a smooth transition for all our stakeholders,” said Luca Randighieri, General Manager at the Nuti Group.
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