Kanoria Chemicals & Industries’ wholly owned subsidiary - APAG Holding AG, Switzerland (APAG), has acquired 100% stake in CoSyst Control Systems GmbH based in Nuremberg, Germany (CoSyst) for a purchase consideration of euro 640,500. As a part of the transaction APAG will also take over the loan amounting to euro 209,500 provided by the erstwhile shareholders to CoSyst.
CoSyst is engaged in development of project and customer specific products primarily for automotive electronics and it is strategic fit for APAG’s expanding operation. With this APAG operations will be spread over Switzerland, Czech Republic and Germany.
APAG is also contemplating to have a sales organization for its existing lines of business in North America by incorporating a wholly owned subsidiary either in USA or in Mexico.
