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Corporate News
09-Dec-09
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Sterling Tools enters into a joint venture with Borstlap Masters in Fasteners Group B.V
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Sterling and FABORY will hold 50% stake in the joint venture
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Sterling Tools, a leading manufacturer of high tensile cold forged fasteners primarily focused on the Indian automotive industry has entered into a joint venture with Netherlands headquartered Borstlap Masters in Fasteners Group B.V., (FABORY). FABORY is a leading global distributor, technical services provider and supply chain- and vendor management provider of fasteners, tools and industrial supplies. FABORY is through its more than 110 branches present across 16 countries.
The joint venture will act as the exclusive distributor and value added services provider of the FABORY product range in South Asia. Sterling and FABORY will hold an equal (50%) stake in the JV. The JV will be incorporated during Q1 of 2010 and plans to trade under the brand name of 'Sterling FABORY'. The JV will operate from a Greenfield facility at Faridabad.
The joint venture aims to capitalize on the fast growing demand for non-automotive fasteners in the emerging markets in South Asia by leveraging the market knowledge, customer relationships, on the ground management and operational support of Sterling and the competitive global sourcing capabilities, international relationships, technical and supply chain know-how and best practices of FABORY.
The company made this announcement during the trading hours today, 09 December 2009.
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