KITZ Corporation has entered into a share purchase agreement to acquire a 99% share of Micro Pneumatics Private Limited in India from its current stockholders. The remaining 1% will also be purchased by KITZ Corporation. The deal is expected to close by the end of February.
Micro Pneumatics, which develops, manufactures and sells industrial valves in India, has capacity to supply quality products to main markets in India through its sales network.
The purchase of Micro Pneumatics is part of KITZ's effort to further expand its business in growing Asian Market including India.