Symphony Limited is an Indian multinational electronics company, that specializes in manufacturing air coolers. It is based in Ahmedabad and was established in 1988.[2] It is a public limited, listed company,[3] with operations in about 60 countries.[4]
| Company type | Public |
|---|---|
| ISIN | INE225D01027 |
| Industry | Consumer Durables |
| Founded | 1988[1] |
| Founder | Achal Bakeri |
| Headquarters | Ahmedabad, Gujarat, India |
| Products | Residential cooler, industrial cooler |
Number of employees | 400+ |
| Website | www |
History
editInitially incorporated as Sanskrut Comfort Systems Ltd. (SCS) in 1988 that manufactured consumer durables under brand name ‘Symphony’.[5] Then later in the year 1990, Symphony aired its first TV campaign. Symphony went public in the year 1994 and was also listed at Bombay, Ahmedabad and Delhi stock exchanges.[6]
In 2006, it acquired IMPCO, USA, in the same year. In 2010, Symphony introduced Industrial coolers in Indian market.[7]
Global presence
editSymphony's 25-30 percent of the turnover comes from international market as it covers Mexico, Europe, United States, West Asia and South-East Asia.[8] The year 2008 marked Symphony's foray in the North American market. Symphony acquired the Mexican assets of the International Metal Products Company (IMPCO) which was founded by Adam Goettl, the man who invented air coolers for $650,000. With this collaboration, Achal Bakeri realized that IMPCO's large commercial air coolers could be deployed to India too.[9] In the year 2015, Symphony announced acquisition of Chinese air cooler company Munters Keruilai Air Treatment Equipment (Guangdong) Co. Ltd. (MKE) that owns the brand Keruilai, for Rs 1.5 cr. They signed an equity transfer agreement with the shareholders of MKE to acquire 100 per cent of their equity share capital. This marked Symphony's entry into the China market which is the second largest air cooler market in the world after India.[8] Further in 2018, Symphony announced its agreement to purchase 95% equity stake in Climate Technologies, an Australian manufacturer of cooling and heating products. The deal was signed as an opportunity to reduce business risks as a result of opposite winter and summer seasons in India and Australia. The acquisition was executed at a valuation range of A$40–44 million (lNR 201 Crs - INR 22I Crs).[10]
In 1994 the company briefly diversified into the household electrical appliances sector in order to counter the seasonal nature of the air cooler business. It later reverted to manufacturing only air coolers. Between 2002 and 2004, Symphony exited all other categories and resumed its focus on air coolers.[11]
Acquisition
editIn 2006, Symphony acquired the Mexican holdings of International Metal Products Company (IMPCO). Symphony's entry into the North American market was facilitated by this acquisition, which also gave it access to IMPCO's commercial air cooler technology for use in its own product offerings in the Indian and American markets.[12]
In 2015, Symphony Ltd acquired Munters Keruilai Air Treatment Equipment, a Chinese air cooler company.[13]
Symphony Limited has undergone a number of significant modifications as of October 2024. The Business recently Finished its share repurchasing program, spending Rs.71.4 crore to buy to buy 2,85,600 share at a price of 2500 each.
In June 2018, Symphony Ltd signed an agreement to purchase 95% equity stake in Climate Technologies Pty Limited ("Climate Technologies", or "CT"), an Australian manufacturer of cooling and heating appliances. The acquisition was to be executed at a valuation range of AS 40-44 million (INR 201 - 221 crs) depending on the achievement of FY18F EBITDA (June ended).[14]
References
edit- ^ "Foundation". Symphonylimited.com.
- ^ "SYMPHONY LTD". India Brand Equity Foundation. Retrieved 15 July 2021.
- ^ "Symphony News: Latest News Updates on Symphony, Symphony Results News, News on Symphony for last 6 months, Symphony Share/Stock News". Moneycontrol.com.
- ^ Pandit, Virendra (10 April 2012). "Symphony to double India network". Thehindubusinessline.com.
- ^ "History of Symphony Ltd., Company". Goodreturns.in.
- ^ "Public". Symphonylimited.com.
- ^ "Industrial Cooler". Symphonylimited.com.
- ^ a b Vora, Rutam (13 August 2015). "Symphony acquires Chinese air cooler major MKE". Thehindubusinessline.com.
- ^ Balachandran, Manu (21 December 2016). "An Indian tycoon built the world's top air-cooler firm, giving shareholders 91,000% returns in a decade". Quartz India.
- ^ "Air cooler maker Symphony to acquire Australia's Climate Technologies". VCCircle.com. 22 June 2018.
- ^ "How Symphony got its rhythm back". Fortuneindia.com. 3 May 2019.
- ^ "Symphony Quarterly Results | Annual Reports | Subsidiary Results and Reports". Best Air Coolers. Retrieved 10 October 2024.
- ^ "Symphony Ltd acquires Chinese air cooler company". Business-standard.com. 13 August 2015.
- ^ "Symphony signed an agreement to purchase effectively 95% equity stake in Climate Technologies Pty Limited, Australia". Bseindia.com. Retrieved 28 March 2022.