Indian conglomerate Mahindra & Mahindra (M&M) has acquired a forgings supplier in Germany.
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The Indian website domain-b has reported that the Indian company has acquired a 90.47% stake in Schoneweiss & Co. GmbH, a 140 year old family company that ranks amongst the top five global axle beam manufacturers.
The acquisition was carried out by M&M’s subsidiary Mahindra Forgings Global Ltd. based in Mauritius.
Schoneweiss specializes in suspension, power train and engine parts and is a supplier to DaimierChrysler Group, MAN, Scania and Volkswagen. he company has forging capacity of 50,000 tonnes per annum and turnover of €90m Schoneweiss has three manufacturing plants in Hagen and Gevelsberg, Germany with a total workforce of 550 people.
“This acquisition creates for us a strong European base as it is fully harmonious with our existing presence in Germany through Jaco AG,” said Anand Mahindra, vice chairman and managing director, M&M. “We are now well on the path to capitalise on and consolidate our position towards becoming a globally significant player in the forgings business. Also by expanding Mahindra’s ‘design to delivery’ bandwidth in the components space, Schoneweiss would be a huge step in the Mahindra’s evolution as the first fully integrated auto component provider from India.”
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By GlobalDataHarald Korte and Andreas Voss, members of two of the founding families will continue as shareholders of Schoneweiss and continue to be on its advisory board.
