Motherson to acquire Dr Schneider Group for an enterprise value of Euro 118.3 million
The deal is expected to be closed by Q3 of FY23-24, subject to customary closing conditions and receipt of required regulatory approvals.
Samvardhana Motherson International (SAMIL) via its 100% subsidiary Samvardhana Motherson Automotive Systems Group BV (SMRPBV) has entered into an agreement to acquire assets and shares of the Dr. Schneider Group entities from the insolvency administrator, Dr. Joachim Exner. The overall enterprise value of this transaction is approximately EUR 118.3 million subject to certain actualisation.
Dr. Schneider Group is a manufacturer of high-end, innovative, and integrated electronic interior polymer components and systems, such as smart surfaces and lighting modules. The company is a technology leader in air-vents, decorative interior polymer components with illumination and has strong presence in premium vehicles.
It employs approximately 4,500 people in 07 facilities across 5 countries (Germany, Spain, Poland, USA, China). The company has a strong focus on R&D and product innovation, resulting in over 200 patents. The company reported revenues of around Euro 472 million for CY22. It had filed for insolvency on September 22 due to an unsuccessful operational and financial restructuring.
With this acquisition, Motherson will also gain access to innovative electronic interior polymer components and can offer these innovations and technologies to other emerging countries and to medium segment customers by leveraging its existing global footprints and customer relationships.
The deal is expected to be closed by Q3 of FY23-24, subject to customary closing conditions and receipt of required regulatory approvals. Commenting on the deal, Vivek Chaand Sehgal, Chairman, Motherson said, “We have been trusted by our customers to take over this business. With their continued support we believe we will be able to turn around this business like we have done every time in the past. We see a lot of synergies and untapped potential in this business, specially on the R&D side. We are looking forward to welcoming 4,500 people on our journey towards our Vision 2025 and beyond.
The money will be used to provide necessary flood relief and support for the communities affected by the cyclone.
Ashok Leyland is one of the oldest corporates in Tamil Nadu.