Mumbai, Jul 31: Plastic products-maker Sintex Industries said it has acquired 90 per cent stake in German-based Geiger Technik GMBH for Euro 35.6 million, a move that would help the company in enhancing its presence in the European market.
Sintex Industries Managing Director Amit Patel said ''The acquisition offers Sintex a strategic market entrance in Germany, which is the capital of the European automotive market. Besides, Geiger's manufacturing base in Poland also makes it very competitive. We now have presence in both France and Germany, which are very crucial Original Equipment Manufacturer bases.'' The acquisition was carried out through its Netherlands-based wholly-owned subsidiary Sintex Holdings BV, Sintex Industries said in a filing to the Bombay Stock Exchange. While, Sintex Holdings acquired 90 per cent stake, Geiger family would continue to hold 10 per cent shareholding.
Yes Bank and Germany-based DZ Bank acted as strategic and financial advisors to this transaction. Shares of Sintex were trading at Rs 312.85, down 0.40 per cent, on BSE in afternoon trade.