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Mold Tek Technologies to restructure and consolidate business, to acquire US based KPO company
Posted On : 2007-01-10 19:00:35( TIMEZONE : IST )
Mold Tek Technologies Ltd has announced that the Board of Directors of the Company at its meeting held on January 10, 2007, inter alia, have considered and approved the following resolutions:
1. The board discussed the proposals to restructure and consolidate the Plastics and Engineering KPO business with a view to create separate business entities that would focus on their respective lines of activity. The board authorized the MD to appoint consultant and valuers for drawing up a scheme/s of arrangement/s for merger and demerger.
"Moldtek is a leader in Plastic pails and also one of the very few Engineering KPO service providers in India. Over the last 4 years Moldtek's KPO division has been growing rapidly (CAGR around 200%), added about 15 clients in USA and Canada and the KPO head count has gone up from 10 to 175. It is expected to grow at similar rate in next few years. Moldtek's Board of Directors, for better focus on this fast growing division have decided to consolidate and separate both the divisions into two separate entities."
2. As a first step the board approved in principle, the proposal to merge TMTPL(Teck men tools Pvt Ltd), a more than a decade old, unlisted Company engaged in similar line of activity, with the company subject to regular approvals.
"Teck Men is a packaging Company with clients like Asian Paints, Bharat Shell, Tata Coffee, Hyderabad chemicals etc. Merging this Company with Moldtek will enhance the product range and bring in synergies of operations"
3. The Board identified a US based KPO (engineering/ detailing) Company for acquisition and authorized MD to go ahead with due diligence \ valuation and place the proposal before the Board.
"By acquiring this proposed Company in USA, Moldtek will have a direct MARKETING presence in US, which will further boost up sales and higher value addition in its KPO division. The target Company has about 12 clients in USA, skilled and experienced manpower who can Train the Indian KPO Engineers in advanced structural engineering skills, apart from Marketing and client coordination".
