MUMBAI, Dec. 17 (Xinhua) -- India's Elgi Equipments Limited has acquired Michigan Air Solutions for 6 million U.S. dollars to expand its presence in the United States and strengthen its position in the global compressed air industry, a company statement said on Tuesday.
"Michigan Air Solutions complements ELGi's global growth strategy and brings significant market reach and scale that will add further value to our product offerings and go-to-market plans across the region," said Managing Director of Elgi Equipments Ltd Jairam Varadaraj.
Established in 2009, Michigan Air Solutions has served the markets in Michigan's Lower Peninsula with compressed air expertise, a wide range of products and responsive after-sales support with product portfolio encompassing compressors, dryers, filtration, piping, vacuum pumps and blowers among others.
The acquisition was initiated by Elgi Equipment's subsidiary, Elgi Compressors USA Inc as part of its strategy to invest in inorganic opportunities to gain presence in the North American market, the statement said.
