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Chennai-based Sundram Fasteners has restructured its international operations and has divested its holding in the German subsidiary.
It has also created a new subsidiary Sundram International Ltd based in the United Kingdom.
The new subsidiary will be used as a vehicle, as and when the opportunity arises, to acquire technology company abroad, says a press release from Sundram Fasteners.
The Chinese company Sundram Fasteners (Zhejiang) Ltd and the UK subsidiary Cramlington Precision Forge Ltd have become subsidiaries of the newly created Sundram International Ltd.
Both these profitable companies have been paying consistent dividends to the parent company.
Sundram Fasteners has divested itself of the German subsidiary Peiner Umformtechnik and its affiliates.
This subsidiary was impacted adversely since the recession of 2008 and has not been performing to the expectation of the Sundram Fasteners whose management decided that the subsidiary be divested to a German investor, the release said.
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