Alfanar

PT Pindad and Saudi Arabian Alfanar Company signed a memorandum of understanding to prepare a joint venture for producing electric components, including low and medium voltage switchgears. Pindad plans to invest up to Rp 68 billion.

CG Power and Industrial Solutions sold its B2B Automation business, including ZIV Aplicaciones y Tecnologia, to Alfanar for an enterprise value of €120 million. The transfer was effective March 6, 2017.

Crompton Greaves received a binding offer from Alfanar for the acquisition of its B2B Automation Business, comprising ZIV Aplicaciones y Technologia and related automation businesses, at an enterprise value of EUR 120 million. Completion is expected by 31 January 2017.