SMRP BV successfully completed acquisition of majority stake in Plast Met Group through its subsidiary SMR

Samvardhana Motherson Automotive Systems Group BV (SMRPBV), announced the successful closure of acquisition of a majority stake in Plast Met Plastik Metal San. İmalatveTic.A.Ş.(PM-Bursa) and Plast Met Kalıp San.veTic.A.Ş.(PM-Istanbul) together known as Plast Met group (Turkey) through its subsidiary Samvardhana Motherson Reflectec (SMR).

With the successful closure of this acquisition, Motherson Group now has access to significant Turkish automotive market. Plast Met is a large automotive supplier in Turkey for injection moulded parts and sub-assemblies, and also owns a state of art commercial tool room engaged in manufacture and supplying of high end injection moulding tools to customers worldwide. Building on the capabilities of Plast Met group, Motherson will be able to support its customers in the European region more efficiently.

Commenting on the deal, Mr Vivek Chaand Sehgal, Chairman, Motherson Group said, "We welcome entire team of Plast Met into the Motherson family. Motherson is committed to serve its customers globally. Our footprint in the strategically important market of Turkey gives us enhanced competitive advantage for our European customers. In house tooling capability in the region will give us better control on the cost and quality. This acquisition reaffirms our vision of being a globally preferred solutions provider."

Shares of MOTHERSON SUMI SYSTEMS LTD. was last trading in BSE at Rs.219.7 as compared to the previous close of Rs. 221.6. The total number of shares traded during the day was 361803 in over 3059 trades.

The stock hit an intraday high of Rs. 224.25 and intraday low of 218.55. The net turnover during the day was Rs. 79872141.

Source : Equity Bulls

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