Mahindra acquires Schoneweiss

Mahindra & Mahindra, through its subsidiary Mahindra Forgings Global based in Mauritius, has acquired 90.47 percent stake in Schoneweiss & Co GmbH, a leading company in the forgings sector in Germany.

Schoneweiss is a family-owned German company with over 140 years of experience in the forging sector. It is one of the top five axle beam manufacturers in the world and specialises in suspension, powertrain and engine parts.

The company has an annual forging capacity of 50,000 tonnes and turnover of Euro 90 million. Its top customers include the DaimlerChrysler Group, MAN, Scania and Volkswagen. Schoneweiss has three manufacturing plants in Hagen and Gevelsberg, Germany with a total manpower of 550 people.

Vice-chairman & managing director of M&M, Anand Mahindra said, “This acquisition creates for us a strong European base as it is fully harmonious with our existing presence in Germany through Jeco AG. We are now well on the path to capitalise on and consolidate our position towards becoming a globally significant player in the forgings business. Schoneweiss would be a huge step in Mahindra’s evolution as the first fully integrated auto component provider from India.”

Harald Korte and Andreas Voss, members of two of the founding families, will remain as shareholders and continue to be in its advisory board.