CHENNAI:The Kothari Group owned machine tools major Bharat Fritz Werner (BFW) aims to double its turnover by 2018, on the backs of its recent acquisition of the turning machinery arm of Chennai-based Proteck Machinery.
The acquisition is expected to increase turnover from Rs 850 crore to around Rs 1,700 crore in three years.
“The acquisition gives us a much larger portfolio. We had primarily been in the milling segment of the business so far and this acquisition gives us a foothold in the turning business as well,” said Ravi Raghavan, CEO of BFW.
The acquisition is also targeted toward serving the needs of the existing customer base of the company - automobile,defence,dies and molds companies, railways and aerospace sector manufacturers.
The current turnover of the company is Rs 850 crore, nearly half of which comes from its overseas operations through the earlier acquisition of German machine tools firm Matec.