Indian automotive supplier Samvardhana Motherson International has agreed to acquire Kronach, Germany-based Dr. Schneider Group, which makes plastic interior components for vehicles including surfaces and lighting modules, for $131.6 million (118.3 million euros).
Dr. Schneider Group filed for insolvency in September 2022 due to "an unsuccessful operational and financial restructuring," Samvardhana Motherson said in a July 24 news release.
The acquisition is expected to close by the third quarter of 2024, the company said.
"We believe we will be able to turnaround this business like we have done every time in the past," Motherson Chairman Vivek Chaand Sehgal said in the release. We see a lot of … untapped potential in this business, especially on the R&D side."
Motherson did not respond to multiple requests for comment by Plastics News.
With this acquisition, Motherson will also gain access to "innovative electronic interior polymer components," the release added.
Motherson has grown through acquisitions previously, most notably in 2015 with its purchase of German molder Peguform. It has one U.S. plant, operating at SMR Automotive Systems USA Inc., in Marysville, Mich.
Dr. Schneider Group designs and manufactures integrated electronic interior polymer components and systems, air-vents and decorative interior components. It employs about 4,500 people in seven facilities in Germany, Spain, Poland, China and Russell Springs, Ky.
The company features in-house tooling capabilities for its entire product range, the release said.