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Samvardhana Motherson International (SAMIL) through its wholly-owned subsidiary Samvardhana Motherson Automotive Systems Group (SMRPBV) has entered into an agreement to acquire assets and shares of Germany-based Dr. Schneider Group entities from the insolvency administrator, Dr. Joachim Exner.
The German company manufacturers high-end, innovative, and integrated electronic interior polymer components and systems, such as smart surfaces and lighting modules. It is a technology leader in air-vents, decorative interior polymer components with illumination and has strong presence in premium vehicles. The company currently employs 4,500 people in 7 facilities across 5 countries (Germany, Spain, Poland, USA and China).
This marks Motherson Group’s fifth acquisition in last 6 months – Rollon Hydraulics, Yachiyo Industry from Honda
Dr. Schneider has a strong focus on R&D and product innovation, resulting in over 200 patents. More than 90 percent of its products have been developed in-house by a dedicated team of over 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 around 472 million euros (Rs 4,148 crore) in 2022. It has filed for insolvency in September 22 due to an unsuccessful operational and financial restructuring.
Acquiring tech and customers
Motherson sees a lot of synergies between its business 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 118.3 million euros (Rs 1,040 crore) subject to certain actualisation. This acquisition it says is done at the behest of its customers. The deal is expected to be closed by Q3 of FY2023-24, subject to customary closing conditions and receipt of required regulatory approvals.
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.”
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