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| Exchange Disseminated Time | Kavveri Telecom Products Ltd has informed BSE regarding "Kavveri Telecom completes key European Acquisition, Acquires Rymsa Telecom"
Press Release:
"Kavveri Telecom, a leading wireless subsystem manufacturer, which provides world class hardware products and solutions for the telecom, defence and space industry today, announced the completion of its purchase of the Rymsa Telecom Business of Radiacion y Microondas, S.A. Kavveri Telecom's investment in Rymsa Telecom will be over Euro 20 millions. The topline in the 1st year of operation will be Euro 15 millions and EPS accretive.
Rymsa Telecom has a dominant market share in Europe & Latin America and is growing their market share in the Middle East, CIS & Africa. They also have a good clientele which includes major operators like Telefonica, Orange, Claro, Movistar, Telcel, Americamovil and key OEMs including Nokia Siemens Networks, Ericsson, etc.
Kavveri's strategy is to build its core wireless technology groups and establish itself as a global "end to end" wireless infrastructure solutions Company. The acquisition of Rymsa Telecom significantly enhances Kavveri's antenna product portfolio and also expands the existing sales channels for the Kavveri Group of Companies in Europe and Latin America, two key geographical markets.
Mr. Shivakumar Reddy, Managing Director, Kavveri Telecom Products Limited stated that, "We are extremely happy to announce the completion of the European acquisition. The timing of the Rymsa Telecom Business acquisition coincides with the launching of 3G in India, where there will also be a major market for Rymsa high performance antennas."
Ms. Uma Reddy, President and COO, Kavveri Telecom Products Limited further pointed out that, "The Rymsa antenna products are very complimentary to Til-Tek's broadband antenna product line and will further strengthen our position with the network Operators and OEM's.
Mr. Javier Arana, Director, Radiacion y Microondas, S. A. said, "Considerable time was spent to identify a purchaser that was right for the Rymsa Telecom business and its stakeholders. He explained further that the synergies are excellent between the two Companies and Kavveri has the resources, capabilities and market strength to ensure the long term growth and success of Rymsa Telecom." |
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