Automotive supplier Eissmann Group purchased the European plants of insolvent Pirna, Germany-based injection molder and kinematic technology supplier Minda KTSN Plastic Solutions GmbH & Co. on Feb. 25.
KTSN filed for insolvency in June 2020. The company's products include gloveboxes, seat back panels, cup holders and other plastic components for the automotive industry. It has facilities in Germany, Poland and Mexico.
"This acquisition serves to expand our product lines at Eissmann," Wolfgang Braun, CEO of Eissmann, said in a March 1 news release. "In addition to our lamination products and services, we can also provide fully integrated kinematics and non-kinematics plastic parts for vehicle interiors."
Eissmann is "still in talks with the insolvency administrator" regarding KTSN's Mexico site, Braun added.
"The takeover will secure over 400 jobs in Europe and retain the KTSN sites," Sami Sagur, CFO at Eissmann said in the release.
Eissmann did not immediately respond to request for comment by Plastics News. The company has 12 global sites and 5,000 employees.