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Motherson Sumi Systems Ltd (MSSL) on Monday said that it is acquiring assets of Scherer & Trier group (S&T), Germany at around Euro 36 million.
Samvardhana Motherson Automotive Systems Group BV, Netherlands (SMRP BV), the subsidiary and joint venture with Samvardhana Motherson International Ltd, has signed an agreement for purchase of the assets of S&T that includes two manufacturing facilities situated at Michelau (Germany) and Puebla, (Mexico).
The considered amount is payable for the assets including land and building, and inventories along with the shareholding held in Mexican entities, the company said in a statement.
S&T develops and manufactures extrusion profiles, moulded parts made of thermoplastics and hybrid components made of metal and plastic catering to car makers such as Audi, BMW, Daimler, Ford, General Motors and Volkswagen.
The current turnover of S&T is in the range of Euro 240 million.
“S&T is a company with strong technological know-how and a well established product line. The Group will get further enriched with the talented and experienced team which joins us as a part of this acquisition. The significant synergies between S&T's products and SMRP BV, will now allow Motherson to offer a more diversified range of polymer products to its customers,” V C Sehgal, Chairman, Samvardhana Motherson Group, said.
This acquisition further consolidates MSSL’s polymer business in Europe and the US, he said.
The deal is subject to completion of regulatory approvals and is expected to be completed in January, he added.
MSSL is the flagship company of the Samvardhana Motherson Group SMG. The $5.02-billion company is one of the largest manufacturers of rear-view mirrors for passenger cars in the world and India’s largest manufacturer of automotive wiring harnesses and mirrors for passenger cars.
It is also a supplier of plastic modules and components in Europe and India.
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