INDIA: Parts maker buy expands European presence
Indian auto parts maker Ashok Minda Group has acquired German specialist interior component supplier, Schenk Plastic Solutions, strengthening, the company said, its "already significant presence in Europe".
Schenk supplies plastic parts and components to the auto and other industries from plants in Esslingen and Bretten in Germany and Liberec in the Czech Republic.
It has annual sales of EUR75m, 500 employees and has developed a patented 'skinform' technology which produces high-value interior surfaces at a lower cost than previously possible.
Its major customer is Daimler, which accounts for around 60% of business.
"Daimler's support to Minda for current and future business will be crucial for the deal," the company said.
Minda group chairman Ashok Minda said: "This acquisition is another step in our strategy to become an important global player in high-end plastic interior parts."
Minda said it would use Schenk as a platform for expanding its business in Europe. It acquired an interior plastics plant in Pirna, Germany, last year.