Lloyd Electric & Engg acquires Noske-Kaesers Rail & Vehicle global business
Lloyd Electric & Engineering has acquired Noske-Kaesers Rail & Vehicle global business in Germany, New Zealand, Australia, Brazil and the United States. The acquisition enhances Lloyd’s strength in the rail ‘HVAC’ systems business. Lloyd becomes India’s first rail HVAC Company, having presence the five continents across the globe.
The company has acquired 100% of the assets of Noske-Kaeser Group in Germany through an SPV (Special Purpose Vehicle) formed in Hamburg, Germany. It has also acquired 100% of shares in Noske-Kaeser’s group companies located in New Zealand, Australia, Brazil and the US after carve out of the non-rail & vehicles business.
Lloyd has also acquired exclusive and worldwide rights to use the trademark ‘Noske-Kaeser Rail & Vehicle’ from Noske-Kaeser Group. The company has acquired ‘Noske-Kaeser Rail & Vehicle’ for a total cash consideration of Euro 2,302,000, which includes an upfront payment of Euro 2,001,000 and an earn out of up to Euro 300,000 payable in the next year.
Lloyd Electric & Engineering manufactures air conditioner, coils, radiators (heat exchanger) and light emitting diode (LED) televisions (TVs). The Company’s operating segments include Radiators & Heat Exchanger, OEM & Railways and Consumer Durable Product.