It was announced in November that the Walker Forge Tennessee plant at the Phipps Bend Industrial Park would be purchased by the India-based Bharat Forge for $14 million.
Hawkins County Industrial Development Board coordinator Rebecca Baker told the IDB Thursday that the sale has been finalized.
The Phipps Bend plant is now known as Bharat Forge-PMT Technologie, LLC.
NETWORKS director Clay Walker told the board that the Phipps Bend plant is Bharat’s only North American operation.
“We see that as an opportunity,” Walker added.
IDB director Larry Elkins said he’s hopeful that Bharat will expand its local investment and make Phipps Bend its North Amercian Headquarters.
“They’re the world’s largest forging company and they’ve got plants all over the world,” Elkins said. “This is the only North American site, so we’re excited to say the least.”
Phipps Bend’s Walker ForgeTennessee plant was previously known as PMT Industries.
Bharat stated in a November press release that the Walker Forge Tennessee acquisition is intended to establish a manufacturing footprint for the company in North America.
Bharat forges components for the automotive, construction and mining industries, although it has also recently expanded into product manufacturing.
“The acquisition of Walker Forge Tennessee creates a strategic manufacturing footprint in North America to leverage our existing customer relationships while simultaneously enabling the company to address new end market segments and broaden the product portfolio,” the company stated in its press release.