L. G. Balakrishnan & Bros, a manufacturer of automotive chains, recently acquired 100 per cent shares of Michigan-based GFM Inc for $5.5 million.
L. G. Balakrishnan & Bros informed the Bombay Stock Exchange on Monday that it had acquired 100 per cent shares of GFM Inc through its subsidiary LGB USA Inc. The U.S. company registered $ 15 million turnover in 2011-12.
GFM Inc is into manufacture of systems that have automotive applications. It is a precision metal stamping company and has experience in areas such as seat mechanisms, window regulators, door systems, and brakes.