Bodycote Acquires ISTAS, Brasimet
Bodycote International plc announced that it acquired six new businesses, including ISTAS (60% equity stake), Turkey's largest heat-treatment group, and Brasimet, Brazil's leading metallurgical-services company. Bodycote also acquired Consult-us, Prova, Foodscan and Norpath. The investments advance Bodycote's strategy of expanding its thermal-processing strategic business unit into emerging economies.
Bodycote paid approximately $47.5 million for the acquisitions. They also plan on investing approximately $22.8 million in greenfield start-ups (heat treatment and testing) in India, Singapore and Mexico in 2007.