TAFE acquires Group Forvia's Indian interior systems business Faurecia

Deal size not disclosed; transaction for two sites completed, third likely to close soon

TAFE (Tractors and Farm Equipment Ltd), the world's third largest tractor maker, said on Friday that it acquired the Indian interior business of Group Forvia called Faurecia, which serves major automotive customers such as Mobis-Kia, Mobis-Hyundai, Volkswagen, FCA and TATA.

The deal covers Faurecia’s operations at Chakan in Maharashtra, Anantapur in Andhra Pradesh, and Tamil Nadu. The transaction for Chakan and Anantapur has been completed, that for Tamil Nadu is likely to close soon. TAFE is also well-established in engineering plastics, supplying exterior and interior engineered plastic parts as a full service provider to the automotive industry in India.

The integration of TAFE’s plastics business with Faurecia’s interior systems business offers synergistic gains to all its customers. TAFE’s current customers include Toyota, TVS Motors, Hyundai, Kia, Renault Nissan and GE Medical Systems. As a part of this deal, Faurecia will continue to support TAFE and its customers with the acclaimed FAURECIA design capabilities. With complementary capabilities coming together TAFE will now offer an enhanced value proposition to its customers that includes cutting edge product design, precision tooling design and manufacture, and superior quality, that TAFE has been recognized for, a company statement said.  

Mallika Srinivasan, Chairman and MD, TAFE, said, “TAFE is encouraged by the strong synergistic opportunities this acquisition offers. We would like to reiterate our commitment to our customers towards the highest standards of design quality and service. Technology, innovation and manufacturing excellence will drive our journey forward.”