Specialist interior component supplier, Schenk Plastic Solutions, will be sold to the Indian supplier, Ashok Minda Group.
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Schenk is a medium-sized company based in Esslingen, whose main customer is Mercedes, which accounts for around 60% of the company’s business, according to Automobilwoche.
The company owns a patented process called ‘skinform’ which produces high value interior surfaces at a lower cost than previously possible.
The sale is due to complete by the end of August.
The Indian company hopes to use the company as a platform for expanding its business in Europe nd is its second acquisition here after an injection moulding plant in Pirna, Saxony, bought last year.
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By GlobalDataSchenk turned over EUR75m last year, making a loss of around EUR6m. Despite the loss the company is positioned to win more business from Mercedes, including head restraint covers on a number of models.
Schenk employs 330 people in Germany and 170 at a plant in the Czech Republic. Ashok Minda Group has 4,000 employees and an annual turnover of EUR345m.
