PTI

Mumbai: Plastic products maker Sintex Industries has acquired 90% stake in German-based Geiger Technik GMBH for Euro 35.6 million, a move that would help the company in enhancing its presence in the European market.

“The acquisition offers Sintex a strategic market entrance in Germany which is the capital of the European automotive market. Besides, Geiger’s manufacturing base in Poland also makes it very competitive,” Sintex Industries Managing Director Amit Patel said.

“We now have presence in both France and Germany which are very crucial Original Equipment Manufacturer bases,” he added.

“The acquisition was carried out through its Netherlands- based wholly owned subsidiary Sintex Holdings B V,” Sintex Industries said in a filing to the Bombay Stock Exchange.

While, Sintex Holdings acquired 90% stake, Geiger family would continue to hold 10% shareholding.

“With Sintex’s investment, Geiger will continue to thrive as an innovation leader in the automotive components market and identify additional fields of business,” Geiger Technik Gmbh Managing owner Albert Geiger said.

Yes Bank and Germany-based DZ Bank acted as strategic and financial advisors to this transaction. Shares of Sintex were trading at Rs310.85, down 0.3% on BSE in afternoon trade.