Bosch Offers $275 Million for Swiss Company sia Abrasives

Bosch is taking advantage of strong results in the past year to expand its operations and reduce its dependence on the sale of auto parts.

Bosch is prepared to pay more than 200 million euros (US$275 million) for the Swiss company sia Abrasives, Bosch said on Oct. 2.

Bosch is taking advantage of strong results in the past year to expand its operations and reduce its dependence on the sale of auto parts, which are now suffering from a slump in the auto sector.

The German group has signed an agreement with the major shareholder Giorgio Behr that concerned around 40% of the capital in sia Abrasives for almost 154 million Swiss francs, or 98 million euros. Bosch planned to make an offer for the remaining 60% of the abrasives specialist's equity at 435 Swiss francs per share.

That offer has been accepted by sia Abrasive's board of directors.

Bosch, which also manufactures power tools and household appliances, has announced several acquisitions in recent months.

Copyright Agence France-Presse, 2008

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