Mumbai (India), 24th July 2023: Samvardhana Motherson International Limited (SAMIL) via its 100% subsidiary Samvardhana Motherson Automotive Systems Group BV (SMRPBV) has entered into an agreement to acquire assets and shares of the Dr. Schneider Group entities from the insolvency administrator, Dr. Joachim Exner.
Dr. Schneider Group is a manufacturer of high-end, innovative, and integrated electronic interior polymer components and systems, such as smart surfaces and lighting modules. The company is a technology leader in air-vents, decorative interior polymer components with illumination and has strong presence in premium vehicles. It employs approx. 4,500 people in 07 facilities across 05 countries (Germany, Spain, Poland, USA, China).
The company has strong focus on R&D and product innovation, resulting in over 200 patents. More than 90% of its products have been developed in-house by a dedicated team of 240+ engineers, operating out of its fully equipped R&D centre in Germany. It also has in-house tooling capabilities for the entire product range. The company reported revenues of ~Euro 472 million for the CY22. It has filed for insolvency in September 22 due to an unsuccessful operational and financial restructuring.
Motherson is a leading Tier 1 supplier of polymer based interior modules and is working closely with automotive OEMs towards enhancing interior experience. There is a lot of synergies between Motherson and Dr. Schneider. Aesthetics and interior illumination are playing important role in the growing trend of premiumisation. With this acquisition, Motherson will also gain access to innovative electronic interior polymer components and can offer these innovations and technologies to other emerging countries and to medium segment customers by leveraging its existing global footprints and customer relationships.
The overall enterprise value of this transaction is approximately EUR 118.3 million subject to certain actualisation. This acquisition is done at the behest of our customers. The deal is expected to be closed by Q3 of FY23-24, subject to customary closing conditions and receipt of required regulatory approvals.
Commenting of the deal, Mr Vivek Chaand Sehgal, Chairman, Motherson said,
“We have been trusted upon by our customer to take over this business. With their continued support we believe we will be able to turnaround this business like we have done every time in the past. We see a lot of synergies and untapped potential in this business, specially on the R&D side. We are looking forward to welcoming 4,500 people on our journey towards our Vision 2025 and beyond.”
