Motherson Sumi Systems Ltd (MSSL), the flagship company of the Samvardhana Motherson Group (SMG), through its subsidiary Samvardhana Motherson Automotive Systems Group BV, has today announced the successful completion of the acquisition of Reydel Automotive Group.
Reydel manufactures interior components and modules for global automotive customers. This is the 21st acquisition by the Samvardhana Motherson Group and will further bolster Motherson's offerings in the automotive interiors space.
"We are delighted that all acquisition-related requirements are now complete and are happy to officially welcome Reydel Automotive into the Motherson family. Reydel's world-class development capabilities and strong customer relationships have great alignment with our existing offerings," said Vivek Chaand Sehgal, chairman, Samvardhana Motherson Group.
"The synergistic combination of complementary portfolios will definitely create a stronger business. We are very excited about this journey we are embarking on. While it brings us closer to meeting our 2020 targets, we are looking forward to integrating the Reydel team and working with them," said Laksh Vaaman Sehgal, vice-chairman, Samvardhana Motherson Group.
Reydel's Interiors Product Portfolio includes instrument panels, door panels, console modules, decorative parts and cockpit modules. Reydel's global presence spans across 20 plants and 16 countries and is supported by a workforce of over 5,500 associates. For the year ended December 31, 2017 Reydel reported revenue of US$ 1,050 million (Rs 6,633 crore) with an EBITDA of US$ 67 million (Rs 423 crore) and operating income of US$ 46.5 million (Rs 294 crore).
Also read: Motherson to acquire Reydel Automotive Group for $201m