Indian auto components group Samvardhana Motherson is buying the assets of insolvent German plastics car parts producer Scherer & Trier, as per Europeanplasticsnews.com.
The €36 mln acquisition, that includes the takeover of two S & T manufacturing plants in Michelau, Germany and Puebla in Mexico, will further consolidate the polymer business of Motherson Sumi Systems Ltd. (MSSL) in Europe and North America. Michelau-based Scherer & Trier injection moulds, extrudes and finishes vehicle parts and profiles and specialises in co-extrusion and multi-component injection moulding. It supplies interior and exterior components and also integrates metals with plastics to form hybrid parts. The deal, which is still subject to official antitrust regulatory approvals, is due for completion in January 2015.
The firm was forced to file for bankruptcy in March 2014, although still attracting orders, after a financing deal failed. In administration, S & T continued manufacturing and a new chief executive, Rolf Graf was appointed. The insolvency administrator Joachim Exner has boosted productivity and efficiency after introducing systematic restructuring measures.
Meanwhile, the administrator continued to negotiate with potential investors and finally concluded the sale of the company’s assets. The business has seen its financial situation improve in recent weeks, attracting new direct orders worth about €110 mln and almost €200 mln in ongoing development contracts. S & T, which recorded annual sales of €240 mln in 2013, manufactures products for global automotive customers including Audi, Daimler, BMW, Ford, Volkswagen and General Motors.
19-Dec-14 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}