Ashok Minda Group acquires German interior maker

"The company has signed a 100 per cent share purchase agreement with Schenk Plastic Solutions, the final closure of which is expected by August this year," Ashok Minda Group President Deepak Singhal said.

He, however, declined to divulge the deal size, saying it would be made public after the final closure.     

"We are already supplying components to many European car makers and this acquisition will give us access to new markets. Through Schenk, we will be now supplying interior parts to leading car makers, like Mercedes and BMW," Singhal said.     

Schenk is a supplier of plastic parts and components with plants in Esslingen and Bretten in Germany and Liberec in Czech Republic. It employs 500 people in the plants and has an annual sales of 75 million euro.     

This acquisition is Ashok Minda Group's second European acquisition. Last year, it had acquired another plastic interior plant at Pirna in Germany.     

The Ashok Minda Group supplies security systems, driver information systems and plastic injection moulded interiors to many domestic as well as global OEMs.

It currently has 21 plants in India and overseas countries, like Germany, Indonesia and Vietnam.