Autocomponent Group buys Russian auto supplier

Richard Higgs
EUROPEAN PLASTICS NEWS

Published: January 20, 2014 2:18 pm ET
Updated: January 20, 2014 2:37 pm ET

Related to this story

Topics Mergers & Acquisitions, Europe, Automotive, Automotive parts

Fresh consolidation in Russia's auto parts manufacturing sector has seen Autocomponent Group acquire the bankrupt supplier OAO Plastik of Syrzan.

OAO Plastik, previously controlled by the car seat and components maker Krista Group, relied heavily on one major customer, AvtoVAZ, and accumulated debts amounting to more than 66 million euros ($89.5 million).

Plastik saw a 20 percent fall in production and suffered reduced revenues, particularly in 2012, due to AvtoVAZ phasing out its classic Lada models and decreasing production of volume cars, such as the Lada Samara, Priora and Kalina, according to Russian press reports.

The firm recorded turnover for 2012 down 12.7 percent on the previous year at 123 million euros ($166.8 million). That year, it made a net profit of just short of 618,000 euros ($835,264)

Nizhny Novgorod-based Autocomponent, which completed the takeover deal in December 2013, agreed to restructure Plastik's debt with the state Sberbank and AvtoVAZ over seven years.

Its plans for the Plastik operation include raising production, diversifying its product lines and expanding deliveries to AvtoVAZ for new vehicle models. The firm molds a wide range of plastic and composite products for vehicle interiors, exterior and engine parts.

Autocomponent has a production unit in the nearby industrial centre of Togliatti to serve local Renault and AvtoVAZ assembly plants. The facility works with engineering support from the global French components supplier Faurecia SA.

Apart from Lada, Plastik has supplied components for other vehicles including GM-AvtoVAZ, GAZ, UAZ and Kamaz.

Autocomponent operates parts joint ventures in Nizhny Novgorod with the leading car wheel trim producer Zanini of Barcelona, Spain and polymer-composite gas cylinder Hexagon Composites of Ålesund, Norway.


Comments

Autocomponent Group buys Russian auto supplier

Richard Higgs
EUROPEAN PLASTICS NEWS

Published: January 20, 2014 2:18 pm ET
Updated: January 20, 2014 2:37 pm ET

Post Your Comments


Back to story


More stories

Image

Investment firm buys Ontario cap molder

October 23, 2014 2:01 pm ET

A company whose varied interests include food and refrigerated transportation businesses is now moving into plastic caps.    More

Image

Toyoda Gosei's growth strategy places a big focus on North America

October 23, 2014 1:21 pm ET

Sometimes, knowing your weaknesses is just as important as knowing your strengths. And if 2014 is any indication, automotive supplier Toyoda Gosei Co....    More

Image

Total picks new management following CEO's death in crash

October 23, 2014 11:03 am ET

Total SA has picked a new management team to oversee the company in the wake of a plane crash in Moscow that killed its chairman and CEO earlier this ...    More

Image

Report: Private equity companies may seek to buy Bayer MaterialScience

October 23, 2014 10:56 am ET

A number of investment groups are reported to be interested buying Bayer AG's MaterialScience operation, valued at around 10 billion euros ($12.6...    More

Image

Ford's final ACH plant, injection molder of HVAC systems, to close

October 22, 2014 1:58 pm ET

Ford Motor Co. will shed the last line of business in 9-year-old Automotive Component Holdings LLC by December when ACH closes its Plymouth, Mich., cl...    More

Market Reports

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events