Varroc signs Euro 600 mn deal with Omnium SE to focus on EV, other segments

Varroc Engineering has signed a Securities Purchase Agreement (SPA) with Compagnie Plastic Omnium SE of France to divest its four-wheeler lighting systems operations in the Americas and Europe, the Aurangabad-based company said in a statement.

The Euro 600 million transaction will see Varroc divesting its lighting System operations in the USA, Brazil, Mexico, Poland, Czech Republic, Germany, Turkey, and Morocco.  

The move is part of the larger strategy to transform Varroc into a high-tech company and focus on the existing growth of electronics, connectivity, electric vehicles (EVs) product lines and the two-wheeler segment globally, it said.

This divestment will help the company to