BENGALURU — Indian provider Samvardhana Motherson International mentioned it has acquired Germany’s Dr. Schneider Group by an insolvency course of for 118.3 million euros ($131.6 million).
Dr. Schneider Group, a unit of Dr. Schneider Holding, manufactures inside parts for automobiles equivalent to panels and lighting.
The German firm had filed for insolvency in September 2022 resulting from “a failed operational and financial restructuring,” Samvardhana Motherson mentioned in a press release, referring to the acquisition, which was finished by an insolvency course of. The acquisition is predicted to be closed by the third quarter of fiscal 2024, the corporate added.
The family-owned firm is predicated in Kronach, close to the German border with the Czech Republic and employs 4,500 individuals in seven services throughout Germany, Spain, Poland, the U.S., and China, SMIL mentioned.
“We believe we will be able to turn around this business… We see a lot of synergies and untapped potential, especially on the research and development side,” Chairman Vivek Chaand Sehgal mentioned within the assertion.
The acquisition provides to SMIL’s repertoire of big-ticket purchases because it will increase its presence within the auto components manufacturing sector. Earlier this month, the corporate mentioned it would purchase a majority stake within the four-wheeler enterprise of Japan-based provider Yachiyo Industry, from Honda.