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This is an archive article published on May 27, 2011

Crompton Greaves buys QEI for 30 mn

Crompton Greaves said it had acquired U.S.-based QEI Inc for about 30 million.

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Indian electrical appliances and capital goods maker Crompton Greaves said on Friday it had acquired U.S.-based QEI Inc for about 30 million.

Crompton Greaves will pay 24 million upfront,while balance 6 million will be paid as a conditional earn-out amount,it said.

QEI Inc makes products for the management of electric transmission and distribution networks and had revenues of about 12.4 million for the year ended July 31,2010,while EBIDTA earnings before interest depreciation,taxation and amortization stood at 2.35 million.

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