Samvardhana Motherson Automotive Systems Group BV (SMRPBV), a subsidiary of Samvardhana Motherson Reflectec (SMR), on Monday said it has acquired 75 per cent stake in Plast Met Plastik Metal San and Plast Met Kalip.
San, together known as Plast Met group (Turkey).
The deal — whose value was not disclosed — includes two companies (the companies) of Plast Met group, engaged in manufacturing of injection moulded parts, sub-assemblies for mirrors, trim modules and lighting systems.
Plast Met also has capabilities of manufacturing high-end complex injection moulding tools that cater to customers in Turkey and other global markets.
Erol Senol, the founder of Plast Met, will retain 25 per cent stake in the companies and will continue to drive business growth as a partner with SMR.
This acquisition will mark SMR and Motherson group’s entry into Turkey.
The companies reported combined revenues of €33 million in 2019 and €28 million (estimated) in 2020.
“This acquisition marks another step towards the growth and diversification of Vision Systems vertical and the group overall. This is the 25th acquisition by Motherson Group and we will continue to work towards serving our customers with more products and service offerings globally,” Vivek Chaand Sehgal, Chairman, Motherson Group, said.
The transaction will also enhance Motherson Group’s tooling capabilities and complement its existing manufacturing footprint. Turkey is likely to play a key role as a competitive sourcing hub and as a platform to serve group’s customers in European region, he added.