Samvardhana Motherson acquires Germany's Dr. Schneider Group for $131.6 million
Samvardhana Motherson International (SMIL) on Monday said it has acquired Germany's Dr. Schneider Group for $131.6 million. Dr.
Schneider Group is a subsidiary of Dr. Schneider Holding. It manufactures interior components for vehicles such as panels and lighting.
The acquisition has been done through an insolvency process. The German company had filed for insolvency in September 2022 due to “a failed operational and financial restructuring", Samvardhana Motherson said in a statement. “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 the statement.
The company through its wholly-owned arm Samvardhana Motherson Automotive Systems Group BV (SMRPBV) has entered into an agreement to acquire assets and shares of the Dr Schneider Group. The estimated enterprise value for assets purchased in Germany subject to certain actualisations is 69.1 million euros and the same for shares of overseas subsidiaries is 49.2 million, the company said. The acquisition is expected to be closed by the third quarter of fiscal 2024, the company said.
Dr. Schneider Group employs 4,500 people in seven facilities across Germany, Spain, Poland, the US, and China, SMIL said. Dr Schneider Group has a strong focus on R&D and product innovation, resulting in over 200 patents, Motherson said, adding more than 90% of its products have been developed in-house by a dedicated team of over 240 engineers, operating out of its fully equipped R&D centre in Germany.
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