Motherson Sumi to buy German firm for Rs 283 crore

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Mumbai | Published: December 17, 2014 1:35:06 AM

Automotive parts maker Motherson Sumi Systems on Tuesday said...

Automotive parts maker Motherson Sumi Systems on Tuesday said it will acquire Germany’s Scherer & Trier in a deal worth Rs 283 crore, a move that will help the company offer diverse polymer products.

“The consideration payable is about R283 crore for the assets, including land, building and inventories, along with the company’s shareholding in Mexican entities,” the company said in a statement on Tuesday.

“This acquisition includes two manufacturing facilities situated at Michelau (Germany) and Puebla (Mexico),” the statement said.

The acquisition will help Motherson Sumi consolidate its polymer business in Europe and North America.

Following the announcement, the Motherson Sumi scrip closed at R412.15, up 2%, on the Bombay Stock Exchange on Tuesday.

The Sensex lost 1.97% to end at 26,781 on Tuesday.

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