The acquisition includes two companies of Plast Met Group -- Plast Met Kalip, Istanbul and Plast Met Plastik, Bursa -- engaged in manufacturing of injection moulded parts, sub-assemblies for mirrors, trim modules and lighting systems.
Auto components major Motherson Group on Friday said it has completed the acquisition of majority stake in Turkey’s Plast Met Group, a key supplier of plastic moulded parts, related sub-assemblies and injection moulding tools.
The company, however, did not disclose the financial details of the transaction.
In January this year, the group had announced that the acquisition is being carried out by Samvardhana Motherson Automotive Systems Group BV (SMRPBV), through its subsidiary Samvardhana Motherson Reflectec (SMR).
As part of the deal, SMR was envisaged to acquire 75 per cent stake and enter into a partnership with the founder of Plast Met.
The acquisition includes two companies of Plast Met Group — Plast Met Kalip, Istanbul and Plast Met Plastik, Bursa — engaged in manufacturing of injection moulded parts, sub-assemblies for mirrors, trim modules and lighting systems.
“With the successful closure of this acquisition, Motherson Group now has access to the significant Turkish automotive market,” the group said in a statement.
Commenting on the development, Motherson Group Chairman Vivek Chaand Sehgal said, “our footprint in the strategically important market of Turkey gives us enhanced competitive advantage for our European customers. In house tooling capability in the region will give us better control on the cost and quality. This acquisition reaffirms our vision of being a globally preferred solutions provider.”
Plast Met is a large automotive supplier in Turkey for injection moulded parts and sub-assemblies, and also owns a state-of-art commercial tool room engaged in manufacturing and supplying of high-end injection moulding tools to customers worldwide, the group said.
“Building on the capabilities of Plast Met group, Motherson will be able to support its customers in the European region more efficiently,” it added.
Plast Met had reported a turnover of Euro 33 million in 2019, and Euro 28 million (unaudited) in 2020. Its two facilities are located at Istanbul and Bursa in Turkey and employ approximately 400 personnel.