New Delhi: Global auto parts maker Samvardhana Motherson Automotive Systems Group BV on Monday announced the acquisition of a majority stake in the Turkey-based Plast Met Group through its subsidiary Samvardhana Motherson Reflectec (SMR).SMR will acquire 75% stake and thus will enter into a partnership with Erol Senol, the founder of Plast Met, the company said in a release.The deal includes two companies of the Plast Met Group, engaged in manufacturing of injection moulded parts, sub-assemblies for mirrors, trim modules and lighting systems. Plast Met also has capabilities to manufacture high-end complex injection moulding tools which cater to customers in Turkey as well as other global markets. The companies reported combined revenues of EUR 33 million in 2019 and EUR 28 million (estimated) in 2020.According to SMR, Senol will retain 25% stake and will continue to drive further business growth as a partner with SMR.“I am delighted with the strategic partnership between Plast … [Read more...] about Samvardhana Motherson Reflectec to acquire 75% stake in Plast Met Group
