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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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