National Engineering Industries Ltd (NEI), part of the $2.4 billion diversified CK Birla Group, has acquired Kinex bearings through its wholly-owned European subsidiary.

Kinex Bearings is an international bearing manufacturer headquartered in Slovakia with an annual turnover of about 60 million euros.

This transaction is in line with NEI’s strategy to augment its product portfolio, expand its geographic footprint as well as serve its existing customers better and acquire new customers, the company said in a statement.

“The Kinex acquisition equips NEI to enhance its scale and further diversify its portfolio with a much stronger position to provide best in class products to both new and existing customers,” CK Birla, Chairman of the CK Birla Group, said.

The acquisition includes two production plants in Slovakia (Bytca and Kysucke Nove Mesto) with the capability to produce bearings for railways, industrial segments and textile industry. The facilities also manufacture bearings for aerospace and water pump bearings for automotive sector.

“This deal positions NEI on the global map with an international manufacturing footprint and the advantages of a more efficient supply chain to serve our global customers,” Rohit Saboo, President and Chief Executive Officer of National Engineering Industries said.

Kinex, with a history of more than 100 years in engineering and bearing production, supplies products to over 80 countries and employs about 1,000 personnel.