Larsen & Toubro Ltd.
6.60 (0.19%) L&T sells petrol dispensing pump unit to Gilbarco of US
Date: 18-11-2009Larsen & Toubro has decided to sell its petroleum dispensing pump (PDP) unit to US-based Gilbarco Veeder-Root, wholly owned by Danaher Corporation, for an undisclosed sum. Gilbarco Veeder-Root is a global supplier of integrated fuel control, site management and support services for petroleum marketers and commercial fuelling enterprises.
L&T’s PDP business unit manufactures, sells, integrates and services petroleum dispensers, LPG equipment, and automation systems solutions. Last fiscal, sales of the petrol dispensing and metered units were Rs 37.3 crore, substantially lower than Rs 106 crore in 2007-08.
The acquisition of L&T’s PDP unit, with its strong position in the Indian market, significantly enhances Gilbarco Veeder-Root’s position in one of the highest growth markets for its products and systems.
The PDP unit will become part of Gilbarco Veeder-Root’s organisation, in a new division called Gilbarco Veeder-Root