Motherson Sumi likely to be a major shareholder of Plast Met Group

On Monday, Samvardhana Motherson Automotive Systems Group BV (SMRPBV) informed that it has acquired a majority stake in Plast Met Plastik Metal San.  

İmalatveTic AŞ (PM-Bursa) and Plast Met Kalıp San vatic AŞ (PM-Istanbul) are together known as Plast Met group (Turkey) via its subsidiary Samvardhana Motherson Reflectec (SMR). 

SMR plans to acquire 75 per cent stake and would enter into a partnership with the founder of Plat Met. The two companies of Plast Met are included in the deal engaged in the manufacturing of injection moulded parts, sub-assemblies for mirrors, trim modules, and lighting systems. Plast Met is also capable of manufacturing high-end complex injection moulding tools to cater to the needs of customers in Turkey as well as other global markets. The reported combined revenues of the company were Euro 33 million in 2019 and Euro 28 million (estimated) in 2020. 

The founder of Plast Met will retain 25 per cent share in the company and continue to drive the company's growth as a partner with SMR. This acquisition of stake marks Motherson Group’s entry into Turkey, which is said to be the strategic growth market for Motherson Group, with an annual passenger vehicle production of 1.4 million units along with long-term growth potential. 

Having its headquarters in Noida, Motherson Sumi Systems Limited is a system solutions provider to automotive and other industries, offering services from design and prototyping to production & delivery of solutions across a range of products. 

The share of Motherson Sumi Systems Limited closed at Rs 157 on Monday, down by 3.38 per cent on BSE.