Financial shareholders sell their stake in French chain manufacturer Sedis to Tube Investments of India
Gimv and a few other investors in Financière C10, the holding company above Sedis, sold their 77% stake in the company to Tube Investments of India (TII). TII is part of Murugappa Group, one of India’s leading business conglomerates (29 companies – 32,000 employees).
Sedis (www.sedis.com) is a leading manufacturer of industrial and engineering class chains in France and possesses a product range covering the requirements of a whole range of industries including the high growth infrastructure sector. Sedis client portfolio includes names such as BAA Heathrow, Kone, Otis, Schindler etc. The company has a presence in about 100 countries through its vast distribution and sales network. It has two plants in France and a marketing company in the United Kingdom. In 2008 Sedis realized a turnover of EUR 37 million. This acquisition will enable TII to emerge as a leading global player in the industrial chains business.
The sale has a positive impact of EUR 1 million (EUR 0.04 per share) on Gimv’s last published equity value at 31 December 2009. No further financial details will be published.