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MeneameBrazilian cast iron components foundry Tupy expects to close a deal to acquire Mexican foundries Cifunsa Diesel and Technocast for approximately US$439mn by year-end, a spokesperson from Tupy told BNamericas.
To become effective, the deal will require the approval of the pertinent regulatory agencies, the spokesperson said.
The Mexican foundries are controlled by Grupo Industrial Saltillo (BMV: GISSA). Technocast has US-based heavy equipment manufacturer Caterpillar (NYSE: CAT) as a minority shareholder.
The plants are located in Coahuila state cities Saltillo and Ramos Arizpe, respectively, and produce cast iron blocks and cylinder heads used to manufacture automotive engines for passenger and commercial vehicles, agricultural and construction machinery, stationary engines and others.
Once the acquisitions are completed, Tupy will become the largest cast iron engine block and cylinder head manufacturer in the world, the company said in a statement.
Tupy's net income in 2010 was 154mn reais (US$86.8mn) and net sales were 1.87bn reais.
The company has its headquarters in the city of Joinville, some 90km from Curitiba, in southern Brazil. It also has a plant in Mauá, in São Paulo state. Together the plants have capacity to produce 500,000t/y.
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