M&M sells cable accessories division to 3M
The cable accessories division of MECP is a supplier of cable accessories including electrical cable jointing kits.
By TNN |
MUMBAI: In a bid to exit non-core businesses and consolidate its presence in key sectors Mahindra & Mahindra has sold the cable accessories division of Mahindra Engineering & Chemical Company (MECP) to 3M Electro & Communication India. The two companies struck the deal in October but the terms of the transaction have not yet been disclosed.
The cable accessories division of MECP is a supplier of cable accessories including electrical cable jointing kits. 3M's electrical markets division designs, manufactures and markets products for electrical construction, industrial maintenance, utility and industrial power businesses, and electrical/electronic devices.
Mr. Raghu Murti, director, MECP said, "The decision to sell off the cable accessories business is in line with the group's strategic intent to exit non-core businesses." This acquisition provides 3M with domestic manufacturing capability, a distribution network and a local brand in India. The 3M management sees a significant growth opportunity for the company in the Indian electricals market, according to Mr Amit Laroya, managing director, 3M Electro & Communication India.
Cable accessories division of MECP, a Pune-based company, employs around 70 people. The $21.2 billion 3M is a Minnesota-based diversified company which owns brands like scotch, post-it, scotchgard, thinsulate, scotch-brite, filtrete, command and vikuiti. 3M is present in over 60 countries and employs over 69,000 people.
The cable accessories division of MECP is a supplier of cable accessories including electrical cable jointing kits. 3M's electrical markets division designs, manufactures and markets products for electrical construction, industrial maintenance, utility and industrial power businesses, and electrical/electronic devices.
Mr. Raghu Murti, director, MECP said, "The decision to sell off the cable accessories business is in line with the group's strategic intent to exit non-core businesses." This acquisition provides 3M with domestic manufacturing capability, a distribution network and a local brand in India. The 3M management sees a significant growth opportunity for the company in the Indian electricals market, according to Mr Amit Laroya, managing director, 3M Electro & Communication India.
Cable accessories division of MECP, a Pune-based company, employs around 70 people. The $21.2 billion 3M is a Minnesota-based diversified company which owns brands like scotch, post-it, scotchgard, thinsulate, scotch-brite, filtrete, command and vikuiti. 3M is present in over 60 countries and employs over 69,000 people.
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