Ashok Minda Group acquires German firm Schenk

Ashok Minda Group acquires German firm Schenk
PTI
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First Published: Tue, Sep 02 2008. 01 08 PM IST
Updated: Tue, Sep 02 2008. 01 08 PM IST
New Delhi: Auto components manufacturer Ashok Minda Group today announced the completion of acquisition of German firm Schenk Plastic Solutions for an undisclosed amount.
“We have purchased 100% equity capital of Schenk through an all cash transaction,” Ashok Minda Group Chairman Ashok Minda said. However he refused to divulge on the details of the deal size.
“The deal has been funded through a mix of internal accruals and debt in the ratio of 2:3,” he added.
After the acquisition, the German company has been rechristened as Minda Schenk Plastic Solutions GmbH.
Schenk Plastic Solutions had a turnover of €75 million, with an EBIDTA of €8 million last fiscal. The German firm manufactures interior plastic components and has two plants in Germany and one at Czech Republic.
“By this acquisition, we will get access to new markets and will now be supplying components to Daimler, BMW, Volkswagon, Fehrer, Lear, Jonhson Controls, besides technical parts to companies like STIHL, Bosch, among others,” Minda said.
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First Published: Tue, Sep 02 2008. 01 08 PM IST