Motherson Sumi Acquires 80% Stake in Peguform
The closing of the acquisition is expected by the end of October 2011, after the approval of the EU competition authorities.
In cooperation with Peguform, particularly for future international position, Motherson Group will contribute to tap further business potential and create the foundation to further strengthen the existing customer relations.
The Peguform Group has regained the trust of the customers and received many orders, under Cross Industriesâ€™ leadership. The revenue increased from approximately E1.1 billion in 2009 to almost E1.7 billion in 2011.
Additionally, the Peguform has increased its Seite 2 von 2 impact in China, Brazil, and Slovakia that are the future markets for the automotive industry, by building three new factories.
Furthermore, the investment in the Wethje Group, a partner in the automotive industry specialized in carbon processing, has prepared the technological ground to focus on light weight design in the future.
After the successful restructuring, the search for a strategic partner was the logical next step, in order to jointly allow further fast growth.
Klaus Rinnerberger, CEO of Peguform, said: â€œWe succeeded in finding a strategically-oriented majority shareholder for Peguform, who will accelerate the growth of our new company especially in the new international markets and will thus expedite the success course that Peguform has embarked upon.â€
Peguform is a plastic processing company and a valued systems partner for the automotive industry in Europe. It is a specialist for complete systems and modules for vehicle interiors and exteriors.
Peguform has sites in Europe, Asia, and Latin America. It was acquired by Polytec in 2008, and was again acquired by the Austrian Cross Industries Group.
Samvardhana Motherson has succeeded in becoming a major partner of the automotive industry. It is well positioned in the areas mirror systems and vehicle wire-harnesses, with more than 90 sites in 23 countries and more than 40,000 employees worldwide.
How far the move benefits Motherson?
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