New Delhi, June 26 (UNI) With a view to strengthen its presence in Europe, country's leading auto component manufacturer Ashok Minda Group has acquired Germany's Schenk Plastic Solutions.
The AK Minda Group will use Schenk, the leading supplier of plastic parts and components for the automotive and technical parts industries, as a platform for expanding its business in Europe, the company said in a statement.
Schenk's major customer Daimler will be crucial for Minda for the current and future business.
The Share Purchase Agreement was signed yesterday in Germany and the closure is due to be completed by the August-end. This is the Group's second acquisition in Europe, the statement added.
However, the Group did not divulge any financial details of the acquisition.
Schenk, with plants in Esslingen and Bretten in Germany and Liberec in Czech Republic, has annual sales of 75 million euros and has a patented 'skinform' technology which produces high-value interior surfaces at a lower cost.
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