LGB to buy stake in U.S. firm

Coimbatore-based LG Balakrishnan & Bros informed the Bombay Stock Exchange on Wednesday that it had signed a letter of intent to buy major stock of a corporation in the U.S., which was engaged in the manufacture of precision stamped metal parts.

The closing of the transaction is planned for the end of June and was subject to customary regulatory approvals, satisfactory due diligence, and other negotiated conditions of closing. LG Balakrishnan & Bros is a manufacturer of automotive chains and parts.

It has all critical manufacturing in-house and vertical integration in all its product lines.