BENGALURU, July 24 (Reuters) - Indian auto parts maker Samvardhana Motherson International (SMIL) (SAMD.NS) said on Monday it made a second acquisition this month, buying Germany's Dr. Schneider Group for 118.3 million euros ($131.6 million).
Dr. Schneider Group, a unit of Dr. Schneider Holding, manufactures interior components for vehicles such as panels and lighting.
The German company had filed for insolvency in September 2022 due to "a failed operational and financial restructuring", Samvardhana Motherson said in a statement, referring to the acquisition, which was done through an insolvency process.
Dr. Schneider Group employs 4,500 people in seven facilities across Germany, Spain, Poland, the U.S., and China, SMIL said.
The acquisition adds to SMIL's repertoire of big-ticket purchases to increase its presence in the auto parts manufacturing sector.
Persons:
Samvardhana, Dr, Schneider, Samvardhana Motherson, SMIL, Vivek Chaand Sehgal, Varun, Dhanya Ann Thoppil
Organizations:
Schneider, Schneider Group, Honda Motor, Yachiyo, Sethuraman, Varun Vyas, Thomson
Locations:
BENGALURU, Germany, Spain, Poland, U.S, China, Japan, Bengaluru