Indian conglomerate Mahindra & Mahindra (M&M) has acquired a forgings supplier in Germany.

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.”

Harald 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.