Precision Camshafts Ltd. has acquired Nashik-based Memco Engineering Private Limited (Memco) for an undisclosed sum. The development will help Precision Camshafts to further strengthen its presence in the auto industry. “It will also help us to diversify our product offering,” said Yatin Shah, Chairman and Managing Director, Precision Camshafts. Catering to clients like Bosch, Delphi, Endress+Hauser and Giro, Memco has grown at a CAGR of 18.5 per cent over last 4 years, and is financially strong. With a capacity to produce 10.7 million precision components, Memco’s key components include fuel injection parts for conventional and CRDi diesel engines, brake components, high pressure diesel injector connectors for naval ships and high precision instrumentation components. Precision Camshafts, in comparison, makes camshafts of diverse kinds for automotive and locomotive application. The acquisition by Precision Camshafts is expected to provide Memco the ability to grow at a faster pace.