320-x-100_uti_gold.jpg" alt="Advertisement">
India`s Samvardhana Motherson buys Germany`s Dr. Schneider for $132 million
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Indian auto parts maker Samvardhana Motherson International (SMIL) said on Monday it made a second acquisition this month, buying Germany's Dr. Schneider Group for 118.3 million euros ($131.6 million).
Dr. Schneider Group, a unit of Dr. Schneider Holding, manufactures interior components for vehicles such as panels and lighting.
The German company had filed for insolvency in September 2022 due to "a failed operational and financial restructuring", Samvardhana Motherson said in a statement, referring to the acquisition, which was done through an insolvency process.
The acquisition is expected to be closed by the third quarter of fiscal 2024, the company added.
Dr. Schneider Group employs 4,500 people in seven facilities across Germany, Spain, Poland, the U.S., and China, SMIL said.
"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 said in a statement.
The acquisition adds to SMIL's repertoire of big-ticket purchases to increase its presence in the auto parts manufacturing sector.
Earlier this month, the Indian company said it will buy from Honda Motor Co a majority stake in the four-wheeler business of Japan-based auto-part maker Yachiyo Industry.
